Total Crypto Market Cap at $350 Billion and Looks Ready to Explode!

in GEMS4 years ago

The total Crypto Market Cap is currently over $350 Billion and looks like it wants to go higher

Thanks to renewed strength in Bitcoin and also Defi, the crypto market has been hot hot hot.

Unfortunately STEEM hasn't participated much until just recently, but hopefully that will change as things continue to heat up.

Currently the market is worth over $350 billion and sitting at a resistance level.

Check it out:

(Source: https://www.tradingview.com/x/YiQ9hVIT/)

This is the same area that prove difficult to break back in July of 2019.

The total market cap rallied all the way to this level and then rolled over and spent much of the rest of the year going down.

This time feels different...

Often with resistance areas the price needs to test them several times before they can significantly break through them.

This $350 billion area was resistance back in July of last year and considering we are now sitting right back at it again now likely means that this area is slightly "weaker" this time around.

The more price touches an area, the weaker said area becomes.

As I type, bitcoin is trading around $11,700 and looks to be in consolidation mode before breaking through the resistance levels around $12k.

Check it out:

(Source: https://www.tradingview.com/x/6eUHoUhi/)

However, a break of this level would likely really kick things off for the rest of the crypto market.

All the right ingredients are there...

We very likely are on the verge of another very large stimulus bill being passed in the United States and we are currently seeing continued strength in the gold and silver markets.

Over the last several weeks gold and silver seemed to lead bitcoin higher, which means their current strength may mean bitcoin strength is again right around the corner.

A break of the resistance area may look something like this:

(Source: https://www.tradingview.com/x/wJZGshnh/)

A break above this $12k level would likely be the last major hurdle before bitcoin makes its way to $15k.

The entire crypto market would go north of $400 billion were that to happen and hopefully STEEM would continue to see the recent strength it is seeing today.

Stay informed my friends.

-Doc

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