Total marketcap is less than 800 B, are we moving towards 580 B?
It is difficult to control our emotions during any kind of crash or loss of your investment which not necessarily be the CRYPTOs but can be any sort of investment from bonds, stocks, properties, or foreign currency. Panic with mental pressure and anxiety is a common phenomenon if you are losing a significant part of your assets with such an unexpected crash. These are always unexpected but in the crypto world many things are expected and in many cases, these become real but very few people are able to realize such behavior in the market. Being an explorer and crypto enthusiast, I have seen the hype in 2017, extreme bleeding the following years then super hyped previously, and the bleeding again from last year and these are common to me.
As we are in a worse situation when the FTX has already collapsed which breaks the trust in the sphere bitterly and many other centralized exchanges are struggling to convince their customers. And thus the ongoing crypto winter has become more longer which is not good for the market and there was not a tiny pullback after the recent crash! As the total market cap is below 800 billion, then we can expect another crash to make the bottle and in my sense, the bottom can be found around the 580-600 billion market cap area. That means the market is going to lose another 200 billion. In the worst case, the market will not go below the 273 billion market cap! Let's wait for the next move! If you are interested, you can follow my ideas in the trading view from this link
How BTC is weakening?
If you make a comparison between the total market cap and the BTC price chart, at the same time the price of BTC has crashed more than the crash in the total market cap which is a true indication of the decreasing BTC dominance which is a major sign for a further crash as the BULL market starts with increasing BTC dominance when it falls with the decreasing BTC dominance! The same situation is happening now and until there is a stable situation, the market is going to be down.
Then the question arises, what about the ALTs? Alts are always alts, in a crashing market, they will bleed more as they have already gained a lot with compare to the BTC. And now it is time to for their sacrifice until some amazing things happen to them. Elon Mask can pump DOGE itself regardless of the market movement and CZ can move the TWT as recently it happened. But the majority of coins are going to bleed more in my opinion. So it is better to be much more conscious of the situation. Future trading is not suggested these days, especially without tight stop loss!
Thanks a lot for your time and attention. what do you think about the current situation let me know in the comment. Have a great day!
!MEME
Credit: andy.zaphod
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