Crypto Summary: Market Cap Rises To $ 2.5 Trillion As ETH, DOT And Others Take A Step


It’s a green candle day in the cryptovers so far, with many solid gains on notable coins including Ethereum (ETH), Polkadot (DOT) and Chainlink (LINK). And yes, Bitcoin is doing pretty well too.

At the time of writing, the crypto’s total market cap has just passed $ 2.5 trillion, according to CoinGecko at least. CoinMarketCap actually has it a bit lower. But, for the sake of a bullish narrative, let’s go with the old number – up 5.6% since same time yesterday.

Bitcoin (BTC), meanwhile, is hovering around $ 500 below major resistance of US $ 58,000 – a level at which OG crypto has now been repeatedly rejected.

It’s going very well for now, however, consolidating a bit as it allows some of the altcoins to gain attention. He might get it back soon though, judging by some of the technical analysis we went through today.

Based on the charts alone, Dr Jeff Ross of Vailshire Capital Management thinks another explosion may be imminent…

… While Rekt Capital points out that a weekly close above US $ 60,000 for Bitcoin is what is really needed to see sustained bullish action. As you can see from his chart below, the red box he drew between around US $ 58,000 and $ 60,000 indicates strong resistance.

But pierce it and flip it back on support, and BTC then finds itself in uncharted “price discovery” territory and is looking at all-time highs again.

Sentiment: FOMO retail under control… for now

A look at one of the crypto market’s must-have sentiment analysis tools, the Fear & Greed Index, and things are not alike quite as greedy as we expected. And that’s not a bad thing.

The upward trend in prices without the mouth absolutely foaming with FOMO could actually mean that the market is enjoying pleasant, healthy and sustainable growth.

Well, here’s the hope. Another check of the index tomorrow could just as well invalidate and reverse this little theory …

It’s not like we don’t see a lot of bullish sentiment on Crypto Twitter, but there is something else that could show that there is a reasonably contained level of foam in the market right now.

And that’s the fact that Google Trends data still shows global “Bitcoin” and “Buy Bitcoin” searches are well below higher levels seen earlier in the year. Bitcoin hit an all-time high of US $ 64,804 on April 14, before a fateful tweet from Elon Musk a month later helped push the market down.

When it crashes, of course, the crowd of FOMO retailers don’t want to hear more. Which is probably around the time when the smartest investors take an interest in it. (“No financial advice.”)

Source: Google Trends

Mooners and shakers

Some of the best pieces show a lot of strength today. The # 2 crypto by market capitalization, Ethereum (ETH), now showing a double-digit payout percentage as of this writing, changing hands to US $ 3,808, up 10% from this time yesterday.

Layer 1 smart contract platform Polkadot (POINT), ranked # 8 on the market cap lists, is still up as well – up 16.51% and trading at US $ 40.67.

It still lives up to it with the anticipation of the start of its parachain auction – newly announced with a date of November 11.

Just a little trip through the list of market capitalizations, the main “oracle” space project, Chain link (LINK), is also up about 10 percent in 24 hours, finally getting some love after a long period of price stagnation. It is currently increased to US $ 27.45.

In the meantime, if you’re into both crypto and US politics, here’s a somewhat different take on Chainlink’s analysis …

Other top 100 notables posting big wins today include: The Gambling Beast to Win Infinite Axis (AXS) + 16%; a lightly styled layer 1: Close to protocol (NEAR) + 12%; and the Polkadot “canary” test network, Kusama (KSM) + 14%.

Going deeper into low-cap territory, the Aussie DeFi project Maple (MPL) is still generally enjoying its good run this week, up 38.66% since yesterday at this time and 72% on the week. It hit an all-time high of US $ 42.80 about 10 hours ago, but has since calmed down a bit, currently changing hands for a fraction below US $ 34.

On the downside, some pieces that grab our attention that have a bit (ahem) coming out right now, include Spell Token (SPELL) -16%; Cardano launch pad OccamFi (OCC) -ten%; and the “useless” coin for the dog Shiba Inu (SHIB) -7.5%.

SPELL is the governance and utility token of the cross-chain DeFi project known as Abracadabra.Money, which enables a stablecoin called Magic Internet Money (MIM).

Although SPELL is experiencing a setback today, Abracadabra.Money recently created a buzz as part of the #OccupyDeFi movement, which advocates “true decentralization” of crypto.

This thread explains a bit of what the project is currently aiming to achieve, including collaborative efforts with Terra Luna.

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