Massive Amounts Of Crypto Is Moving
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Since last month massive amounts of cryptocurrency have been moving. But the market cap still remains just 1/4 of what it was in the biggest rally in 2017 which pushed bitcoin just shy of $20,000
This is screen shot taken from coinmarketcap.com you can see the gray lines under the market cap (the blue line) As you can see the volume has been growing and has spiked just recently.
The crypto market was moving roughly 61 billion each DAY when the rally was in full swing.
What are we at now ?
70 to 90 Billion daily
These are massive amounts of money being moved at the moment and it is all internal for the most page as the market cap on these days has only really grown by 20 billion.
This shows a huge amount of wealth being transferred out of some cryptos and being dumped into bitcoin.
This rally is at the moment more internal then it is external like we saw back in 2017.
This does lead me to believe the shift is happening at the moment to get ready for institutional investors here in the next few weeks.
But it also shows me that this rally most likely wont last to much longer as outside money is not really coming in on such a high level as it was in the previous massive bull run.
Also if you look at the market cap percentages Bitcoin is rocking right now while XRP is falling and some other alt coins.
This also goes to show that market caps are simply moving within the coins and being pushed to Bitcoin as the largest majority.
We're definitely more trading volume being reported by the exchanges compared to the massive rally of '17.
However, as a crypto "insider", we advise everyone to follow the age-old adage of "Don't Trust, Verify". Cryptoexchange volume are not what they seem at first glance. 😉
Agreed and most of it seems like all internal pulling out of alts and going into Bitcoin from what I can tell.
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We have implemented a check on exchanges with our new Trust Score. Are you surprised that most exchanges have engaged in Wash Trading that ends up obfuscating the macro picture?
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So is it a real longterm bull run?
From what I am seeing no. It's more of a transfer of wealth from Alta and xrp into Bitcoin. It's why the rally died at 7500 and will most likely keep stalling this week. No real new cap has flowed in.
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Thanks for that, maybe there will be a ripple effect of that which will encourage outside money to flow in as a result of fomo
The bitcoin dominance has really surprised me as well but I think it will be temporary as the price starts to lead participants to look at alternatives that are delivering well on their projects with Litecoin being a great example!
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