Although the past few weeks have been challenging for the majority of assets in the cryptocurrency market, it seems like the hardships might be over and that the industry as a whole could be racing toward the market capitalization of $2 trillion it last reached in March 2022.
Specifically, according to the observations by the crypto trading expert Michaël van de Poppe, the total market cap of the crypto sector “has taken the liquidity and bounced from the crucial area” at $1.54 trillion, as he explained in an X post published on January 26.
Therefore, in line with his chart pattern analysis, the renowned crypto analyst has concluded that the market might continue toward the massively important market cap target of $2 trillion, which it previously lost in early April 2022 after spending almost a year above it.
Crypto market cap analysis. Source: Michaël van de Poppe
Indeed, the larger part of the sector could be seeing better days, particularly as its representative, the flagship decentralized finance (DeFi) asset Bitcoin (BTC), is back above the $40,000 price mark, with more gains predicted as the date of its next halving event gets closer.
Bitcoin 7-day price chart. Source: Finbold
Total crypto market cap analysis
Meanwhile, the total crypto market cap at press time stood at $1.59 trillion, recording an increase of 2.73% over the last 24 hours, a decline of 1.85% across the previous seven days, and a 4.22% drop on its monthly chart, as per the most recent information retrieved by Finbold from CoinMarketCap on January 26.
Total crypto market cap 1-month chart. Source: CoinMarketCap
All things considered, if the expert’s above predictions prove correct, the overall crypto market cap could end up in the $2 trillion zone sometime in October this year, after which it would continue to rise towards the coveted $3 trillion it got close to in November 2021 at $2.8 trillion.
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