After hitting $1 trillion for the first time, the overall market capitalization of the crypto market has met some resistance.
To check if the uptrend would continue, we have asked Hybrid Intelligence the following question:
“The cryptocurrency Market Capitalization settled at 966.65B USD at 12:00 PM UTC on Wednesday, January 20. Will the Market cap climb above 1039.1B USD (+7.5%) earlier than drop below 894.2B USD (-7.5%)? (forecast 51-100% - bull scenario. 0-49% - bear scenario)”
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Assurance: 83%
This implies that there is a high likelihood that the market cap would once again exceed $1 trillion before any deeper selloff.
However, just last week Hybrid Intelligence was even more bullish on the overall coin market cap — and accurately predicted the uptrend. The decline in confidence might suggest that we’re approaching the peak.
To see if this growth would be due to Bitcoin or other crypto assets, we’ve posted the following question about BTC dominance:
“Bitcoin crypto market share settled at 66.23% at 12:00 PM UTC on Wednesday, January 20. Will Bitcoin's market share climb above 67.55% (+2%) earlier than drop below 64.91% (-2%)? (forecast 51-100% - bull scenario. 0-49% - bear scenario)”
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Assurance: 31%
This implies that Hybrid Intelligence expects a decline in the share of BTC in the overall market capitalization.
It’s a change in direction: just last week Hybrid Intelligence somewhat wrongly expected BTC dominance to go up. At first, the dominance hit 70% as BTC made +15% (as our idea suggested) and dominance reversed, missing the target by mere 0.35 percentage points.
Together these indicators seem to suggest keeping a long position in altcoins.
The alt season is here but there are signs that the market might be overheated so manage risks accordingly.
To check if the uptrend would continue, we have asked Hybrid Intelligence the following question:
“The cryptocurrency Market Capitalization settled at 966.65B USD at 12:00 PM UTC on Wednesday, January 20. Will the Market cap climb above 1039.1B USD (+7.5%) earlier than drop below 894.2B USD (-7.5%)? (forecast 51-100% - bull scenario. 0-49% - bear scenario)”
-------------------------------------
Assurance: 83%
This implies that there is a high likelihood that the market cap would once again exceed $1 trillion before any deeper selloff.
However, just last week Hybrid Intelligence was even more bullish on the overall coin market cap — and accurately predicted the uptrend. The decline in confidence might suggest that we’re approaching the peak.
To see if this growth would be due to Bitcoin or other crypto assets, we’ve posted the following question about BTC dominance:
“Bitcoin crypto market share settled at 66.23% at 12:00 PM UTC on Wednesday, January 20. Will Bitcoin's market share climb above 67.55% (+2%) earlier than drop below 64.91% (-2%)? (forecast 51-100% - bull scenario. 0-49% - bear scenario)”
-------------------------------------
Assurance: 31%
This implies that Hybrid Intelligence expects a decline in the share of BTC in the overall market capitalization.
It’s a change in direction: just last week Hybrid Intelligence somewhat wrongly expected BTC dominance to go up. At first, the dominance hit 70% as BTC made +15% (as our idea suggested) and dominance reversed, missing the target by mere 0.35 percentage points.
Together these indicators seem to suggest keeping a long position in altcoins.
The alt season is here but there are signs that the market might be overheated so manage risks accordingly.