Total Crypto Market Cap Surpasses $900 Billion, Marking 9-Week High

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The total crypto market cap surpassed $900 billion on January 12 to hit a nine-week high.

In conjunction with several tokens posting “monster gains” recently, some have taken this as an indication of the onset of a new bull run.

Crypto Market Cap Shows Signs of Recovery

Nine weeks ago, the fallout from the FTX collapse spooked the market, leading to massive capital outflows. A bottom was reached when the total market capitalization found support at $783 billion on November 21, 2022.

The peak-to-trough movement in the fallout was equivalent to a 26% loss over 16 days.

As the participants dealt with the situation, a period of great uncertainty ensued. However, with the start of the new year, it seems that sentiment has shifted from uncertainty to wavering optimism.

Leading the way are several tokens with strong performance over the past week, which has given hope. This includes gaming project Gala, up 120%, and layer-1 blockchain Aptos, which grew 83% over the same period.

Additionally, with market leader Bitcoin appearing to be breaking its slumber to touch $19,000, it appears that risk appetite for cryptocurrencies has returned.

YouTuber Brendan Jordan, aka That Martini Guy, took to Twitter, suggesting recent events could signal the bull market is back.

“#BITCOIN NEAR $19,000

#ALTCOINS EXPLOSION

IS THIS THE BEGINNING OF THE BULL MARKET!!! »

Likewise, @CryptoBitlord emphatically stated, “The bear market is officially over.” Welcoming his viewers “to f*cking Narnia”, he confidently declared that all of space “is sent”.

The bearish sentiment is still present

Nevertheless, understandably, others in the crypto space are less lively. @SatoshiFlipper has expressed caution over the latest market moves, advising his followers to do what they intend to do, no matter how “noisy” it sounds.

“Is this a bull trap? Is this a bear trap? Don’t complicate things. Set it + forget it until 30k, 40k or another distant target and wait for it. Don’t underestimate yourself, don’t let the noise distract you.

@wizardofsoho was decidedly more bearish, calling this the “biggest bull trap” he’s ever seen. He warned that major withdrawals would follow.

“The surrender is approaching. Everything will drop by 60 to 70%. You were warned.”

@tradinglord explained the recent price rise as nothing more than a short close, adding that it would be “ridiculous” to load altcoins right now.

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