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Cryptocurrency market back above $1 trillion in market capitalisation

Cryptocurrency market back above $1 trillion in market capitalisation

However, experts say it is premature to call this the start of a bull run because the bear markets are synonymous with momentary price upswings

The global cryptocurrency market crossed $1 trillion in market capitalisation in the past 24 hours, bringing relief to investors and raising hopes about the start of a bull run.

Strong buying interest in Bitcoin (BTC), the world’s largest digital currency, took it well above $22,700, while Ethereum (ETH), the second most valuable crypto, crossed $1,600, lifting the entire crypto market by about 5 percent in the past 24 hours.

After a crash in prices over the past several weeks, the market capitalisation of the crypto market stood at $1.01 trillion for the first time since June 13. BTC’s market capitalisation was $420 billion, while ETH had a market cap of $120 billion, with $20 billion added in the past 24 hours alone.
ETH is up by 54 percent over the past month, according to data from CoinGecko, an independent cryptocurrency data aggregator. The gains are on account of the much-awaited “merge” upgrade, which will take ETH from its current state as a proof-of-work (PoW) blockchain to an energy-efficient proof-of-stake (PoS) network in September, also dubbed as “Ethereum 2.0.” The asset had dipped below $1,000 less than a week ago.

No bull run, yet

According to experts, while there are signs of a revival in the crypto market, it would be premature to call it a bull run.

“There are no supporting headwinds to support the rally, with most factors that led to the crypto winter still in place. Investors can add small amounts of money at this point and wait for overall sentiment to turn positive before joining in the bull-run when it begins later on,” Arijit Mukherjee, founder of Yunometa, an NFT marketplace, told Benzinga.

“What we have seen this week is the break upwards. But this does not mean that the upward trend will continue,” said Jenny Zheng, NFT business development lead at Bybit. “We have to bear in mind that we are still in the bear market. The wild price fluctuations are part and parcel of the crypto. I will not go all in just because I see a small jump this week.”

The best-selling author added that bear markets are synonymous with momentary price upswings and that four of the last six months have been negative for crypto markets, signalling that the bear trend continues.

“Based on historical price patterns, the market is still in a bear channel, which started back in May. The two-week upswing is just temporary. This is no way near a bull run,” said Philip Verrien, project lead at Pollen DeFi.

 

Original Source: https://www.moneycontrol.com/news/business/cryptocurrency/cryptocurrency-market-back-above-1-trillion-in-market-capitalisation-8854361.html

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
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Cryptos Cross $1 Trillion In Market Cap: Is The Bull Run On?

Cryptos Cross $1 Trillion In Market Cap: Is The Bull Run On?

After a dramatic crash in prices over the last several weeks, the cryptocurrency market has crossed the $1 trillion mark in market capitalization, bringing relief to investors and raising optimism about the start of a bull run.

Strong Buying With Volumes Strong buying interest in the world’s largest digital currency Bitcoin (CRYPTO: BTC) catapulted its prices well above the $22,700 mark, while prices of the second most valuable crypto Ethereum (CRYPTO: ETH) crossed the $1,600 mark, lifting the entire crypto market by about 5% in the last 24 hours.

The market capitalization of the crypto market stands at $1.01 trillion, a level seen last on June 13.

While Bitcoin’s market capitalization stands at $420 billion, Ethereum is sitting at a total market cap of $120 billion, with $20 billion having been added in the last 24 hours alone.

Ethereum Up 54% In One Month According to data from CoinGecko, Ethereum is up by an impressive 54% over the last month, on the back of its much-anticipated merge from its current state as a proof-of-work (PoW) blockchain to an energy-efficient proof-of-stake (PoS) network in September this year, also dubbed as “Ethereum 2.0.”

The asset had dipped below $1,000 less than a week ago.

According to experts, while there are signs of a revival in the overall crypto market, it would be premature to call it a bull run.

Premature To Say Bull Run Has Started “For one, there are no supporting headwinds to support the rally with most factors that led to the crypto winter still in place. Investors can add small amounts of money at this point and wait for overall sentiment to turn positive before joining in the bull run when it begins later on,” Arijit Mukherjee, founder of Yunometa, an NFT marketplace, told Benzinga. “It is also important to research and pick the right tokens at this point rather than just join the herd in search of a quick buck.”

Downtrend Obvious Jenny Zheng, NFT business development lead at Bybit, said it was very obvious that a downward trend is currently underway and that historically, there have been 200 weeks of sideways trading before a price break upwards.

“What we have seen this week is the break upwards. But this does not mean that the upward trend will continue. We have to bear in mind that we are still in the bear market. The wild price fluctuations are part and parcel of the crypto, I will not go all in just because I see a small jump this week,” Zheng says.

Miners Rapidly Exiting BTC Positions Notably, a report from blockchain analytics firm CryptoQuant states that miners are rapidly exiting their Bitcoin positions, with 14,000 Bitcoin, worth more than $300 million, transferred out of wallets belonging to miners in a single 24-hour period at the end of last week.

In the last few weeks, miners have offloaded the largest amount of Bitcoin since January 2021.

Upswing Temporary “Based on the historical price patterns, the market is still in a bear channel, which started back in May. The two-week upswing is just temporary. This is no way near a bull run,” Philip Verrien, project lead at Pollen DeFi, said.

According to Anndy Lian, chief digital advisor to the Mongolian Productivity Organization, there is no way to stop a bear market, which is a part of a financial cycle.

“In the last week, we saw a bullish knife-catching trade setup, and everyone was excited saying that bulls are back. This is totally not realistic and a misconception of naive investors,” Lian said.

The co-author of “Blockchain Revolution 2030” added that bear markets are synonymous with momentary price upswings and that four of the last six months have been negative for crypto markets, signaling that the bear trend continues.

 

 

 

 

Original Source: https://uk.investing.com/news/cryptocurrency-news/cryptos-cross-1-trillion-in-market-cap-is-the-bull-run-on-2690227

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

What Are the Stages of a Crypto Bear Market?

What Are the Stages of a Crypto Bear Market?

Bear market is a term used in the crypto space to describe a general market crash, typically when the market has lost more than 20% of its value. That said, most signs of an impending bearish market are not always so clear at the onset.

Although volatility is nothing new in the industry, the cryptocurrency market is currently experiencing severe difficulties. Bitcoin is down more than 60% from its all-time high, and Ether is down more than 65% from its peak price. The rapid fall of $LUNA also contributed to the crypto market slump, as nearly $50 billion was wiped off the market cap in less than two days. Fear and uncertainty in the sector are currently at an all-time high, with the Fear and Greed Index displaying extreme fear and with most altcoins down at least 40% from their all-time highs.

Right now, nobody knows for sure when the market will completely recover. However, it’s also worth noting that there are stages of a crypto bear market, and the best bet right now is to study them to see where the market is currently, and to better job of discernment when it starts to recover. Blockworks’ Jason Yanowitz recently

what he sees as the three stages of a crypto bear market, with the market currently in the second stage of a downturn.

The Stages of a Crypto Bear Market

First stage: the unwind

confirmed Connor Sephton for CoinMarketCap.

about the crypto bear market

Another market crisis that typifies stage two of the current bear market is the Celsius situation- after withdrawals were halted due to the platform’s current liquidity issues. “Celsius Network hasn’t offered an update to its community since June 20, when it warned affected users that it will take time to stabilize its operations,” it was confirmed.

To avoid liquidation, Celsius has been putting up more collateral as the price of Bitcoin falls. It’s reported that when Luna fell, Celsius pulled more than $535 million in crypto assets from Anchor, according to public blockchain data.

“Unlike banks, Celsius promises retail customers huge returns, sometimes as much as 18.6% annually. The lure of big profits has led individual investors to pour assets into Celsius and platforms like it,” according to a report in Reuters.

In October Celsius had $25 billion in assets, although that had fallen to around $11.8 billion last month. And now there’s news that FTX, which was looking at making a deal with Celsius, has walked away due to the state of its finances. “Celsius had a $2 billion hole in its balance sheet,” according to a source quoted by The Block.

regarding Celsius on June 30 from @BlockchainAndy

With Bitcoin nearing its worst monthly losses since 2011 and BTC price at $19K, it’s not surprising that the market sentiment is still saturated by fear and anger; in other words, the market is still far from stage three of the crypto market, typified by “bottomless exhaustion” where “max exhaustion” replaces “max pain” to quote Yanowitz.

Indeed, in a report on June 29, Deutsche Bank argued that the crypto market prices are unlikely to stabilize as there are no “common valuation models like those within the public equity system”. The market is also highly fragmented, it added. While the bank said that Bitcoin could touch $28,000 by the end of the year, it also warned that “speculative trades are likely to involve the simultaneous use of several coins, which increases spillover effects, the bank said.

Whatever liquidity might exist in these markets could quickly evaporate, which would erode confidence in prices and increase the likelihood of contagion.” Any macro shock could test the recent lows in cryptocurrencies prices and “reignite contagion risks in the DeFi ecosystem, the report added. It appears then we are stuck in stage two of crypto winter for many months to come, dependent on wider stability in the crypto and wider markets.

 

Original Source: https://hackernoon.com/what-are-the-stages-of-a-crypto-bear-market

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j