Upside capped at $980 billion in total crypto market, derivatives metrics show
A bearish formation in the Total Market Cap chart strengthened after two failures to break its resistance level.
Altcoin Watch
It is becoming increasingly difficult to support a short-term bullish view for cryptocurrencies, as the total cryptocurrency market capitalization has been below $1.4 trillion in the past 146 days. Additionally, a descending channel initiated in late July limited the upside after two strong rejections.
Total Crypto Market Cap, USD. Source: TradingViewThe weekly negative performance of 1% in the cryptocurrency markets was accompanied by stagnation in the S&P 500 stock index, which remained virtually flat at $3,650. Uncertainty continues to limit a potential recovery as deteriorating global economic conditions have caused trans-Pacific shipping rates to fall 75% from a year earlier, forcing ocean carriers to cancel dozens of voyages. Conflicting macroeconomic signals limit the rise in the risk market
On the one hand, the global macroeconomic scenario has improved after the UK government reversed its plans to cut income tax on October 3. On the other hand, investor fear grew as global investment bank Credit Suisse's credit default swaps hit their all-time high. the 3rd of October. These instruments allow investors to protect themselves against defaults, and their cost has exceeded levels seen at the height of the 2008 financial crisis.
Below is a list of winners and losers from the 1% loss in crypto market cap to $935 billion. Bitcoin (BTC) stood out with a 1% gain, leading its dominance rate to hit 41.5%, the highest since August 5.
A bearish formation in the Total Market Cap chart strengthened after two failures to break its resistance level.
Altcoin Watch
It is becoming increasingly difficult to support a short-term bullish view for cryptocurrencies, as the total cryptocurrency market capitalization has been below $1.4 trillion in the past 146 days. Additionally, a descending channel initiated in late July limited the upside after two strong rejections.
Total Crypto Market Cap, USD. Source: TradingViewThe weekly negative performance of 1% in the cryptocurrency markets was accompanied by stagnation in the S&P 500 stock index, which remained virtually flat at $3,650. Uncertainty continues to limit a potential recovery as deteriorating global economic conditions have caused trans-Pacific shipping rates to fall 75% from a year earlier, forcing ocean carriers to cancel dozens of voyages. Conflicting macroeconomic signals limit the rise in the risk market
On the one hand, the global macroeconomic scenario has improved after the UK government reversed its plans to cut income tax on October 3. On the other hand, investor fear grew as global investment bank Credit Suisse's credit default swaps hit their all-time high. the 3rd of October. These instruments allow investors to protect themselves against defaults, and their cost has exceeded levels seen at the height of the 2008 financial crisis.
Below is a list of winners and losers from the 1% loss in crypto market cap to $935 billion. Bitcoin (BTC) stood out with a 1% gain, leading its dominance rate to hit 41.5%, the highest since August 5.
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