Mooners and Shakers: Crypto market cap rises back above $1 trillion USD as optimism abounds

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Hel­lo there, Coin­heads. Well, that wasn’t such a bad week­end now, was it? Fri­day 13 super­sti­tions eas­i­ly side-stepped and a good old-fash­ioned cryp­to surge.

What’s lead­ing the nar­ra­tive? Opti­mism for a cryp­to bot­tom­ing (that old chest­nut) and an improv­ing macro­eco­nom­ic land­scape with regards to US infla­tion. (You can read last week’s Moon­ers & Shak­ers posts – thanks, Gre­gor – to get up to speed on that pup­pet mastery.)

Bit­coin, hav­ing end­ed the week just shy of US$19,000, added rough­ly US$2,000 to its stack over the past cou­pla days. In fact, it’s up a whop­ping 23% over sev­en of them. Not bad form for the geri­atric (well, 13-year-old) cryp­to and, along with Ethereum and Car­dano it’s just about the top per­former in the top 10 across the week.

So, what’s pos­si­bly next? The begin­ning of a long trip to the moon from a bot­tomed-out plat­form? Or maybe a “dead cat bounce” and a false dawn? Let’s bung a chart here first, and then we’ll dis­cuss – or at least find one or two ana­lysts who’ve already done some dis­cussing for us.

 

Top 10 overview: crypto back above $1 trillion

With the over­all cryp­to mar­ket cap at US$1.02 tril­lion, up 0.1% since this time yes­ter­day, here’s the cur­rent state of play among top 10 tokens – accord­ing to CoinGecko.

We typed a word just then. And it feels good. The entire cryp­to mar­ket cap is now back above US$1 tril­lion for the first time since ear­ly Novem­ber when SBF’s FTX was doing its impres­sion of a Spinal Tap drummer.

Cop that, Peter Schiff, Jamie Dimon and the rest of you (admit­ted­ly quite vast) band of naysay­ers. Okay, okay, we’d best not get ahead of ourselves.

Check­ing in with some Twit­ter-based analy­sis, up pops Dutch chart nerd Michaël van de Poppe with a good and not-so-good prog­no­sis for the short term. Seems rea­son­able. What goes up, must come down and all that. But then up again?

Then there’s Mr Cap­i­tal – Rekt to his mates – who’s pulled a pinch or sev­er­al of hopi­um from the box and stuffed it in the pipe for a three-year puff. Still, if his­to­ry repeats or some­what rhymes… “What if”, indeed.

It’s a far more palat­able the­o­ry than the one his fel­low ana­lyst “Lemon” just dropped, which makes use of the pop­u­lar “Wall Street Cheat Sheet” graph­ic. If he’s bear­ish­ly cor­rect, then the macro bot­tom has a lit­tle way to go yet.

But what was it William Gold­man said about Hol­ly­wood? Ah yeah – “no one knows any­thing”. Not say­ing that’s strict­ly true for cryp­to, but take what you need with a saline drip handy.

 

Uppers and downers: 11–100

Sweep­ing a mar­ket-cap range of about US$8.5 bil­lion to about US$374 mil­lion in the rest of the top 100, let’s find some of the biggest 24-hour gain­ers and losers at press time. (Stats accu­rate at time of pub­lish­ing, based on CoinGecko.com data.)

DAILY PUMPERS

Frax Share (FXS), (mar­ket cap: US$616 mil­lion) +22%

• Decen­tra­land (MANA), (mc: US$1.3 bil­lion) +20%

• The Sand­box (SAND), (mc: US$1.14 bil­lion) +10%

• Opti­mism (OP), (mc: US$395 mil­lion) +7%

Heli­um (HNT), (mc: US$404 mil­lion) +7%

 

DAILY SLUMPERS

Fan­tom (FTM), (mar­ket cap: US$834 mil­lion) ‑6%

Solana (SOL), (mar­ket cap: US$8.5 bil­lion) ‑6%

Zcash (ZEC), (mc: US$589 mil­lion) ‑4%

Huo­bi (HT), (mc: US$833 mil­lion) ‑3%

Cronos (CRO), (mc: US$1.86 bil­lion) ‑3%

 

Around the blocks

Some per­ti­nence and ran­dom­ness that stuck with us on our morn­ing moves through the Cryp­to Twitterverse…

And, let’s hope the Bit­coin chart doesn’t fol­low this tra­jec­to­ry, eh?

 

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