Cryptocurrency market capitalization surpassed $900 billion on January 12, hitting a nine-week high.
Some see this as a sign of the emergence of a new Bull Run, in connection with several tokens recording “monster profits” recently.
Cryptocurrency market capitalization shows signs of recovery
Nine weeks ago, the aftermath of the FTX collapse rocked the market, leading to massive capital outflows. The bottom has been reached on November 21, 2022 when the combined market cap hits his $783 billion.
Fallout peak-to-valley movement corresponds to a 26% loss over 16 days.
A period of great uncertainty ensued as participants processed the situation. But with the start of the new year, sentiment seems to have flipped from uncertainty to temporary optimism.
Leading the way are several tokens that have shown strong performance over the past week, giving cause for hope. This includes game project Gala, up 120%, and his Layer 1 blockchain Aptos, up 83% over the same period.
Additionally, risk appetite for cryptocurrencies appears to be returning as market leader Bitcoin appears to break its slumber and hammer out $19,000.
YouTuber Brendan Jordan, aka that martini guyposted on Twitter, suggesting that recent events may indicate a resurgence in the bull market.
“#Bitcoin almost $19,000
#Altcoin is exploding
Is this the beginning of a bull market!!!”
Similarly, @cryptobitlord “The bear market is officially over,” he said. He welcomed viewers to “fuck Narnia,” and he confidently stated that the entire space was “sent.”
Bearish Sentiment Still Exists
Not surprisingly, however, the rest of the crypto industry is not as active. @SatoshiFlipper He drew attention to recent market movements and recommended that his followers do what they intend to do, regardless of the “noise.”
“Are you a bull trap? Is it a bear trap? Don’t make it complicated. Set it, forget about it until 30k, 40k or another target is far away and wait for it. Don’t sell yourself short and don’t let the noise distract you. “
@wizardofsoho Calling it the “biggest bull trap” he’s ever seen, he was clearly more bearish.
“Surrender is coming. Everything drops 60-70%.you have been warned“
@tradinglord explained that the recent price rally was nothing more than a short close, adding that it would be “ridiculous” to load altcoins at this point.