The total crypto market capitalization hit the previous top of the 2017 bull run – peaking in Jan 2018 at $761 billion. Is it time to invest?
Much attention was given to the fact that the Bitcoin price dropped below the previous bull market all time high (ATH) – something which has never happened before. Ethereum also did. Some saw that as a bearish sign.
However the total crypto market cap is arguably more relevant and some would see this bounce at historical support on its chart as a good time to invest in crypto, whether Bitcoin or altcoins.
Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.
Total Crypto Market Cap Chart
On the monthly total crypto market cap chart above – via Tradingview – the June monthly candle has now closed and the July candle just opened, giving a clearer picture.
The high of January 2018 – when Bitcoin first hit around $20k – was a market capitalization of $761 billion. The low of the June 2022 candle was $762 billion.
The June close (and July open) was around $870 billion, for a bounce so far of almost 15% suggesting buyer interest in cryptocurrency at these low price levels.
While a bottom can take time to form, some would consider now a good time to buy crypto as a long-term accumulation play – based on the June monthly close not breaking below that horizontal support line, and bulls forming a wick above it.
Bulls stepped in minutes before the June 30th Bitcoin daily close to pump the BTC price over $1,000.
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