While watching the situation of the Crypto Market, from time to time is good to deviate the focus of observation from the crypto King (BITCOIN), despite I still agree with the fact that the whole market is affected somehow by the steps of Satoshi’s creature.
That’s why, in order to get a better view, I used to check the evolution of the Total Crypto Market cap.
Below you can see the Weekly Chart, which is very similar to the BITCOIN’s chart but with some differences:
In this chart you can notice how, after having passed a long recession and having touched the Ground on December, the trading volume is increasing continuously, reaching similar trading levels as the ones obtained by the end of 2018. The point here is that seems that this trading volume is being used not only for BITCOIN, which has increased as well this value but not in the same relative pace:
Essentially, on BITCOIN we have a positive trend on Buying orders, but amount of those orders has not increased in terms of volume..
Alternative cryptos as LITECOIN or BINANCE have collected a major increase on trading volume values.
Also, others as ETHEREUM have increased relatively in comparison with BITCOIN.
All in all seems that, despite BITCOIN supremacy is still evident, the “Measuring Pattern” to check the “health” of the whole crypto is not by focusing mainly on BITCOIN but the total market cap which, in my opinion is presenting a very promising moment.
On the daily chart now, total Market Cap presenting an outstanding moment for “price” action (I know, here there is no price but the total cap in USD):
The patterns below claims for an acceleration of the price, both senses are possible now since despite there is an ascending triangular pattern which can be a bullish signal, its initiation comes from a sudden drop on December…
But I want to believe that still an Inverted Head and Shoulders may lead the decision upwards, to the 180 Billion of Total Market cap…
Which coin will lead the rise if it happens? Maybe LITECOIN, EOS or BINANCE but for sure not BITCOIN now…
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.