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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

$100 Billion Total Crypto Market Cap Must Hold Or Swift Capitulation Will Follow

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
total crypto market cap capitulation

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The cryptocurrency market has struggled to recapture the wonder, wild speculation, and interest of the mainstream public ever since the crypto hype bubble of 2017 burst causing the price of most crypto assets to drop over 90% or more.

But just because the asset class has fallen this hard, there still could be much more room to fall. According to one crypto analyst, the total crypto market chart could see “swift capitulation” if the important level of $100 billion is breached.

Total Crypto Market Capitulation and Annihilation Occurs Under $100 Billion

Since the bubble popped, nothing has ever been the same in crypto land. This year, Bitcoin had shown a small glimmer of its former self, and a few altcoins had their own individual alt seasons. But for the most part, the entire crypto market has been nothing more than pain and suffering for most investors who bought into the hype of late 2017.

Related Reading | Decision Time For Future Of Bitcoin As Crypto Teeters On Bear-Bull Edge

But now that Bitcoin has cooled off again, and altcoins are setting new bear market lows, the total crypto market is at risk of falling even deeper than its recent late 2018, early 2019 bottom, and could see “swift capitulation” if support at $100 billion total market cap is broken below.

Total market cap looks terrible and we could see a swift capitulation if $100 bil is lost. pic.twitter.com/TgUuXDUD0G

— the dude (@cryptodude999) December 12, 2019

It’s difficult to imagine an entire asset class filled with innovation and cutting edge new technologies offering potential and promise, could be valued at less than $100 billion. It’s even more surprising to see the industry reach a valuation under $100 billion after it reached over $760 billion at the start of 2018.

However, to put things into perspective, 2017 started off at just over $10 billion valuations for the entire crypto market cap, Bitcoin included.

In just one year’s time, the total crypto market ballooned in value over 70 times. Because the run-up was so fast and furious, little price action and consolidation occurred creating support zones.

total crypto market cap chart

One of those zones of price consolidation during the parabolic advance acted as support for the market’s bottom this past December 2018, at roughly $100 billion in total crypto market cap.

Below that, the next support zone lies at roughly $50 billion, which would see an additional 50% of the value wiped out of all cryptocurrencies across the board beyond the lows seen in late 2018.

Related Reading | Accurate Trader Calls For $1K Bitcoin and Destruction of Crypto Industry 

This could take the price of Bitcoin as low as the $1,000 to $2,000 range, while assets like Ripple, which once reached $3.86 per XRP, could drop back to prices as low as a penny per token.

Such an event would certainly cause an extended crypto winter, as the resulting crash, fear, and outflow of capital would destroy much of the projects across the industry. All of this hinges on $100 billion total market cap support holding strong for the foreseeable future.

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Tony "The Bull" Severino
Tony "The Bull" Severino

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.

Read more

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.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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