Significant changes have occurred in the cryptocurrency market. Total market cap has achieved a new all-time high, indicating widespread growth in the industry.
Record Crypto Market Cap
This week, the total crypto market cap printed a new record high, which went relatively unnoticed amid the focus on Bitcoin's price. The achievement of a new all-time high signals growth that spans not only Bitcoin and large-cap altcoins but the entire cryptocurrency ecosystem.
RSI Confirmation of Market Strength
Among the significant signals of market strength is the breakout of the Relative Strength Index (RSI). This week, the RSI reversed its long-standing downtrend, serving as a strong technical signal that buying activity is returning. Such breakouts typically precede sustained bullish rallies.
Beginning of a New Phase
Analysts note that early all-time highs and technical breakouts serve as indicators that the 'real' bull market is just getting started. Given the new highs in market capitalization and the alignment of key indicators, a high-volatility, high-growth phase may be on the horizon, particularly for altcoins.
As the cryptocurrency market sets new records, the attention of analysts and investors is on altcoin behavior, blockchain activity, and institutional flows. This could be a precursor to significant market changes.
