Despite falling below a threshold of $2 trillion in market capitalization last year, the cryptocurrency industry is again setting out on a promising path.
Once again, crypto specialist Michaël van de Poppe shared his valuable insights into the current crypto market cap movements, as well as the next target in the future period, the analyst suggests it is aiming at a threshold of $1.8 trillion as the next milestone, in his post on X on November 8.
Notably, van de Poppe’s analysis of the crypto market cap chart patterns also signals that both higher highs and higher lows have emerged. With an expected consolidation of the market cap amid the $1.15 and $1.30 trillion range, the next target, he believes, is $1.80 trillion.
Crypto market cap analysis
Currently, market capitalization amounts to $1.34 trillion, recording an increase of 1.56% over 24 hours, coming off a robust 45.79% yearly increase, according to the data retrieved by Finbold from crypto monitoring platform CoinMarketCap.
One of the events that could play a significant role in the further increase of the total crypto market cap is the news of the potential approval of a spot Bitcoin (BTC) ETF by the United States Securities and Exchange Commission (SEC).
In addition, the next halving of this leading crypto asset in 2024 may be another catalyst that will drive the increase of the market cap in the future period.
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