Chart of the Day: Total Market Cap – Daily Chart
Looking at the total market capitalization of all cryptocurrencies gives us a good idea of how big the market that we trade in really is compared to other markets.
At the low of the “Corona Drop”, in March 2020, the total value was only $110billion. This number quickly rose, peaking at $3trillion on 10 November 2021. The crypto market has unfortunately dropped since November 2021, with the market cap finding an important support this week at $1.5trillion. The total market cap has lost half its value in the space of only two months!
What is encouraging though, is that the Relative Strength Index (RSI) on the daily is sitting in oversold area, and the expectation is that the crypto market needs to go up and retest the major overhead resistance at the $2trillion level, in the next couple of weeks.
What is very interesting, is the current market cap of the largest markets, assets and companies around the world:
• Dow Jones Industrial – $10.8t
• SPX – $40.7t
• Nasdaq – $13t
• Gold – $11.4t
• Apple – $2,6t
• Microsoft – $2.25t
• Google – $1.7t
• Amazon – $1.4t
• Silver – $1.28t
• Tesla – $832b
With the total crypto market only at $1.5t, it shows that we really are trading in a very “small market”. What is exciting is that even though crypto has been around for 11 years, we are in the early adopter phase, so there is plenty of upside for this market into the future.
As blockchain technology and adoption becomes mainstream, the crypto market cap will steadily climb, for now, we really are so early.
