The total crypto market capitalization is $177 billion. Even though this number has changed in both directions over the last few days, its average stays about the same. After correction, Bitcoin managed to stay about $5,000 showing the readiness of bulls to keep the market sustainable.
The fact that many currencies grew recently caused a rapid increase in people’s interest in the market. A surge in interest is especially noticeable in China as their national currency is expected to depreciate soon. So many Chinese see the crypto market is a way to save their assets.
Some indicators show that bulls lost some of their power during last few weeks but there are still strong enough to resist the pressure of the bears. Many experts, such as Clem Chambers who is a CEO of ADVFN, believe that $6,000 is the closest goal for Bitcoin. And they don’t think it will take long for bitcoin to reach $10,000.
And while such big plans for future cannot be supported by technical analysis, the fact that the market is now attractive for new investments means the market cap is likely to grow and therefore the winter for crypto may be over because.