Total Cryptocurrency Market Cap Adds $20 Billion In Less Than 24 Hours

Tony "The Bull" Severino

5 years ago

2 mins read

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Bitcoin and the rest of the cryptocurrency space is currently a sea of green after today’s rally added over $20 billion in market cap to the total cryptocurrency market.

In less than 24 hours, the total market cap across all cryptocurrencies combined, grew by over 10% thanks to a massive surge from Bitcoin and continued growth in a variety of altcoins.

Bitcoin Pre-Halving Rally Brings Over $20 Billion Back to Crypto Market

The hype surrounding Bitcoin’s upcoming halving in just two weeks may have pre-emptively sparked a new bull market, as the latest rally has added over $20 billion and counting to the overall total cryptocurrency market cap.

Bitcoin has been on a strong, upward trajectory after bouncing from the lows around $4,000 last month. The Black Thursday crash send Bitcoin tumbling and crushed the hopes for a pre-halving rally.

Over the last seven weeks, however, Bitcoin has been on a tear. The last seven weekly price candles have been green, occurring for the first time since the 2017 crypto bubble.

Today, the asset exploded above $8,700 and carried the rest of the crypto space along with it.

The resurgence across the cryptocurrency market may only be the starting. After each previous halving, Bitcoin price has skyrocketed to new highs.

Early Altcoin Season Contributes to Cryptocurrency Market Growth

Coinciding with the bullish Bitcoin event, altcoins have been showing signs of a strong recovery.

XRP and XLM, two of the worst performing altcoins over the last three years have suddenly gone on powerful rallies against both Bitcoin and USD.

Buy signals have triggered across dozens of altcoins, including the market leader Litecoin, which often rises ahead of the rest of the asset class.

Despite Bitcoin’s recent boom, BTC dominance has been dropping, signaling that an altcoin season may be on the way.

However, some analysts are concerned that any Bitcoin volatility during the halving could lead to potential problems for altcoins, that often crash when Bitcoin pumps or dumps.

The best environment for altcoins to thrive is sideways Bitcoin price action. But with how bullish the halving is expected to be, or how bearish things could turn if it doesn’t perform as expected, altcoins could suffer another crash in the days ahead.

Regardless of another trip to retest lows, most altcoins have now broken out from long-term trendlines, and with BTC dominance falling once again, most signs are pointing to not only a new alt season but a Bitcoin bull run as well.

This first $20 billion added may only be the start.

Featured image from Pixabay

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.