Crypto Market Cap Records New Two Month High; Is Correction Over?

[tokyohd]

Crypto markets are currently doing numbers that have not been seen in the last two months after the entire market cap tanked below $1 trillion, a far cry from the previously recorded $3 trillion. The trend in several coins, especially over the last 24 hours indicates an uptrend.

Global crypto market cap currently stands at $1.16 trillion
According to CoinMarketCap, global cryptocurrency market cap recorded over 6.63% percent increase over the past 24 hours which shoots it to $1.16 trillion, a level that has not been reached in the past 2 months.

The market has also been largely green over the past day as BTC crossed $24k, trading as high as $24,660, a significant 6.41 increase, before reverting back to $24,460 as at press time. Second largest cryptocurrency ETH, also rallied 12.72 per cent.

ETH’s price increase is attributed to the success of the Goereli testnet merge, the increasing anticipation of the main merge which is just a month away and positive cues from CPI data. ETH crossed $1900 in the last 24 hours but currently trades at $1884 per CoinMarketCap

More Info
https://coingape.com/cryptocurrency-market-cap-records-new-2-month-high/amp/

[jackg]

I think it'll he an interesting thing to review in a few weeks to see if this means much to investors (perhaps also whether bitcoin breaking the 1tr market cap too if we get that far).

At the moment I don't think it's done much price wise since the news though.

[Franctoshi]

With Fed easing up interest rate last month and coupled with the news about the world largest hedge fund manager partnering with Coinbase and also Fed coming up with the news that inflation is down a bit this week,  I think all this event contributed to the this recent two months records highs, Therefore with the fact that people have got to understand that inflation isn't going away anytime soon and Fed continuation of interest rate hyke, more and more people are now interested in Bitcoin, Equally Blackrock coming into the business I think in my humble opinion that we're not too far away from correction being over.

[Oshosondy]

Crypto market is generally in bull trends right now, hopefully the market can grow and reach much higher price, but I am not thinking bitoin may hit $30000, even if it hit that price, downturn may result to bull trap. But if you want to hold bitcoin for long, it is good buy now, but downturn may result in within short time period.

I think it'll he an interesting thing to review in a few weeks to see if this means much to investors (perhaps also whether bitcoin breaking the 1tr market cap too if we get that far).

Bitcoin is having a marketcap of $465 billion right now, getting to $1 trillion again will make bitcoin worth over $50000. I am not expecting this to happen in some weeks or months from now, until market is very bullish, the kind of bull run after bitcoin halving.

[logfiles]

Correction over? Maybe… depending on your time frame, but personally, I think we are still in a bear market. Such movements are expected. I mean, in the previous bear market, w had Bitcoin moving from $6k to $12K and then back downwards. Bitcoin isn't even two times the $17.5K low it recorded a few months ago. I think it's too early to judge that the dump is over.

[Johnyz]

We’re dealing with the sideways trend for the almost 2 months now and safe to say that correction can still happen if Bitcoin can’t break the resistance and the good thing here is that, BTC able to do it and slowly we are pumping again. This might not be enough but if we see more green candles then that is the confirmation that this market is about to rise again and will soon enter into a bull market.

[milewilda]

We’re dealing with the sideways trend for the almost 2 months now and safe to say that correction can still happen if Bitcoin can’t break the resistance and the good thing here is that, BTC able to do it and slowly we are pumping again. This might not be enough but if we see more green candles then that is the confirmation that this market is about to rise again and will soon enter into a bull market.

When we do talk about indicators or technical ones then we can say about correction on being over but we've been indeed moving sideways for how many months now which really makes
way more harder to predict on where the price could possibly go.Even though we've seen that we are bit far on 17k support price or all low but still not an assurance that we wont really be
going down on that level thats why im not really that much a fan on following indicators but who knows if this one is the start of recovery or change trend?
We are still in month of August which they said as a ghost month and we might be seeing some good movement in next month i suppose.

[tippytoes]

We’re dealing with the sideways trend for the almost 2 months now and safe to say that correction can still happen if Bitcoin can’t break the resistance and the good thing here is that, BTC able to do it and slowly we are pumping again. This might not be enough but if we see more green candles then that is the confirmation that this market is about to rise again and will soon enter into a bull market.

But we can't still be very sure that such situation will happen. Remember, we can even see dramatic change over 24 hours. But in any case, you can always prepare yourself what to do today if you believe there will be upcoming bullish run. We are just merely waiting what will happen next to the crypto market. One great news and we may be seeing uptick in the market, who knows?

[samcrypto]

We’re dealing with the sideways trend for the almost 2 months now and safe to say that correction can still happen if Bitcoin can’t break the resistance and the good thing here is that, BTC able to do it and slowly we are pumping again. This might not be enough but if we see more green candles then that is the confirmation that this market is about to rise again and will soon enter into a bull market.

Indicators can tell what’s the trend right now and since we are able to break the first resistance, we can assume that correction is over but a short pull back can still happen before we see the bull trend. Confirmation can be seen by using indicators, analyze the market well and you can be more profitable, don’t be afraid with the correction since its a good opportunity to buy again especially those who miss the drop before. BTC is slowly getting better, let’s see if it can be more consistent this time.

[GreatArkansas]

Is the correction over? I believe not yet. Maybe the correction will not go below $20,000 but the correction may become sideways above $20,000 starting now. We may see a lot of volatility or dumps in just a short period of time or some red candle wicks.
With a lot of good news on cryptocurrency right now, fundamentals. It's a very good sign that we become more stable and price action is slowly rising again to have a healthy market.

[adaseb]

We are rallying because the numbers coming from the fed are positive. Last week we got 0% inflation and the markets rallied. This implies that the bond markets were correct going back to late June in predicting how much the fed will actually hike.

Since crypto follows stocks, this is why we are also rallying. However keep in mind if we get bad news such as surprise hike or high CPI next month then things can quickly reverse.

[ethereumhunter]

If the market gets a big green candle, it doesn't mean the bears are over and will be replaced by bullish ones because BTC is still looking for a good and stable position to go higher. At the moment, it looks like the bitcoin price has stabilized at $24k because several times after the increase, the price has returned to its original price of $24k. But we still have to be careful because there is no guarantee the price will stay at that price or go back down deeper.

Likewise with ETH but ETH is still trying to stay at the current price and if the price goes down, it won't be too deep. This is also the case with BNB and if this condition persists and BTC is still up and crashing the $25k price, it could mean that ETH, BNB, and other altcoins are about to start a new rally. I hope the scenario is like that

[palle11]

The market is still trading on the sides and no major spike or volatility up yet just a gradual sideways movement. This is not indicating that the bear is over and too early to begin to condition our minds on price bull. At least until a news hit the market again like Tesla did past weeks ago and that will add to more speculation of the market to a particular direction but now maybe it is a slight correction going on.

[hugeblack]

I don't know, but these excerpts from the news will not benefit investors much because it is a reading of what is happening now in the market and not an analysis that can be built upon.
I hope you will include some technical charts and try to follow the news better to see how it affects the price.
anyway nice short review

[OcTradism]

Marketcap is affected by total coins and tokens on the market and their contributing marketcap to the total marketcap of a whole cryptocurrency market.

You can not stop developers to create more coins and add more marketcap to the market. This is not a good thing to consider what is current market status, bearish or bullish.

Is the correction over? I believe not yet. Maybe the correction will not go below $20,000 but the correction may become sideways above $20,000 starting now. We may see a lot of volatility or dumps in just a short period of time or some red candle wicks.
With a lot of good news on cryptocurrency right now, fundamentals. It's a very good sign that we become more stable and price action is slowly rising again to have a healthy market.

Market is still in bearish time and last few weeks, it has a good rally but bear market has yet been over.

It will go next with a long time of accumulation. During accumulation time, there will be some ups and downs and even crashes to kill leveraged gamblers.

[okorieemmanuel]

Marketcap is affected by total coins and tokens on the market and their contributing marketcap to the total marketcap of a whole cryptocurrency market.

You can not stop developers to create more coins and add more marketcap to the market. This is not a good thing to consider what is current market status, bearish or bullish.

Is the correction over? I believe not yet. Maybe the correction will not go below $20,000 but the correction may become sideways above $20,000 starting now. We may see a lot of volatility or dumps in just a short period of time or some red candle wicks.
With a lot of good news on cryptocurrency right now, fundamentals. It's a very good sign that we become more stable and price action is slowly rising again to have a healthy market.

Market is still in bearish time and last few weeks, it has a good rally but bear market has yet been over.

It will go next with a long time of accumulation. During accumulation time, there will be some ups and downs and even crashes to kill leveraged gamblers.

If u ask me, I would definitely say bullish on short term investments. For long term investments, it remains neutral. Next week would determine if the correction is over. The pattern is not clear as price keeps testing various resistance and support levels.

[blockman]

We're bullish but still, we need more confirmation to say that the correction is over. And if you're going to base with the current market, how much do you think we need to see for bitcoin to say that it's already over?
I think if that's the case and everyone is aiming for the last ATH then we're not yet over as it will depend on the perspective and basis of the speculator just like you and me.

[Ararbermas]

If that's all are legit then surely we will see a new progress in the near future because that's how it starts before the rally to the top again, where in slowly but surely. But i hope you got that information through some legitimate sites in the internet and it's the real data in coinmarketcap as well because no doubts it's accurate.

[South Park]

Correction over? Maybe… depending on your time frame, but personally, I think we are still in a bear market. Such movements are expected. I mean, in the previous bear market, w had Bitcoin moving from $6k to $12K and then back downwards. Bitcoin isn't even two times the $17.5K low it recorded a few months ago. I think it's too early to judge that the dump is over.

At least to me this seems like the correct way to view at how things are moving forward, for the short term what we are seeing is good news as this means that probably the price is not going to crash for some time, but it is undeniable that we are still in the middle of a bear market and as such is very likely that some point in the future we are going to see another crash that is going to bring Bitcoin to similar levels to the ones that we saw a few months ago.

[Falconer]

The question is: Is correction over?

I'm not sure to answer yes while there is always the potential for correction. We couldn't shoot in the dark because the target was completely invisible so there were always two possibilities between going up and going down. This means that any analysis and predictions that others say do not fully guarantee results and you still need to do your own analysis and weigh all the risks.

I would say yes if the hype about bitcoin is once again exposed to as many people out there as it was in 2020-2021, but of course this will only last in the short term as we can always expect a correction. Stay alert and consider something good for your investment, and we always say invest as much as you can afford to lose so people realize that risk is always there.