Santiment tweeted that many cryptocurrencies’ market caps have fallen significantly. They also mentioned that market returns are in a historically advantageous zone. TOTAL’s value might drop below $1 trillion in the upcoming week.
Santiment, a company that watches how cryptocurrencies work, shared in a tweet today that the values of many cryptocurrencies went down a lot in the last week. They also said that traders – the people who buy and sell cryptocurrencies – have different opinions right now. Some think the prices will go up quickly again, while others think they will keep going down.
📊 Market caps have fallen considerably over the past week, and traders are very polarized. Many believe a quick recovery is coming, while others see this as just the beginning of the dump. But undeniably, average #crypto returns are in a mathematically historic opportunity zone. pic.twitter.com/oVlLQ6ZuB1
— Santiment (@santimentfeed) August 19, 2023
Santiment Notes Historic Opportunity in Cryptocurrency Returns:
Traders are uncertain about what the cryptocurrency market will do next week, but Santiment says that the returns people are getting from cryptocurrencies are at a special point in history. They also found that many smaller cryptocurrencies are worth more than they seem after the recent drop in the market.
At the same time, CoinMarketCap tells us that the total value of all cryptocurrencies together is around $1.05 trillion. This is after the total value went down by 1.25% in the last 24 hours. And not just the value went down – the amount of trading in the last 24 hours also went down by 41.56%.
Daily chart for TOTAL/USDT (Source: TradingView)
Cryptocurrency Market Faces Support Test as TOTAL Dips Below $1 Trillion:
The total value of all cryptocurrencies combined, known as TOTAL, recently fell below an important support level of $1.08 trillion within the last two days. Now, it’s at risk of dropping below $1 trillion. If that happens, it could reach a bigger support level at around $971.78 billion next week.
However, right now, TOTAL is trading lower than a special line on its daily chart called the Bollinger Bands (BBANDS) indicator. This suggests that it might go back up and stay within that line’s range in the next few days.
It seems like this positive change has started because TOTAL’s value has been going up a bit over the past two days. If it keeps going up today, it might try to go back to $1.08 trillion.
But if TOTAL goes down below $1.012 trillion today, the idea of things getting better might not be true. In that case, the total value of all cryptocurrencies might drop to around $971.78 billion.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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