The total cryptocurrency market capitalization reached a record $3.8 trillion, almost matching the Gross Domestic Product (GDP) of the UK.
Crypto Market Capitalization Sets New Records
In the last five days, the total crypto market cap rose by 16%, establishing a new all-time high of $3.8 trillion, according to Cointelegraph Markets Pro. This surge was driven by the price of Bitcoin (BTC), which hit a new record of $123,000.
Buy Signals on Crypto Charts
The TOTAL weekly chart showed that the Supertrend indicator flashed a bullish signal when it shifted from red to green. Previous confirmations from this indicator have been followed by significant rallies. Analyst Mikybull Crypto noted: 'TOTAL cap has just signaled “buy” on a macro chart.'
Current Trends and Market Projections
Bitcoin's market cap alone is now over $2.4 trillion, larger than Canada's GDP. If trends continue, projections for the crypto market could target $4.45 trillion.
The growth of the cryptocurrency market and high valuations from analysts may indicate a continuing bullish trend, but investors should remain aware of the risks.
