I can see it now: "Crypto Reaches The Market Cap of Gold - Becoming The Ultimate Store of Value." The very the next day, the market crashes 30%. I believe we need a collective narrative in order to reach peak market euphoria, and the media can help us get there. Big players seem to be preparing for an influx of new investors. Will they come? Meanwhile, the recent drop has put a dent in many people's expectations for $100K+ prices. This scenario is less likely to happen soon if the uptrends marked on this chart are broken. But so far, this looks like a momentary pause, and I think crypto can break out above the long term channel (light blue) for a parabolic run.
The GOLD market cap seems like an easy "top" target to me. Gold's market cap is near $12 Trillion at the moment, so that's some pretty substantial upside. I'm too braindead from my studies at the moment to write an in-depth post about this, but I already wrote something on the subject this past summer. Here's the original writeup:
This is meant for speculation and entertainment - not financial advice.
-Victor Cobra
The GOLD market cap seems like an easy "top" target to me. Gold's market cap is near $12 Trillion at the moment, so that's some pretty substantial upside. I'm too braindead from my studies at the moment to write an in-depth post about this, but I already wrote something on the subject this past summer. Here's the original writeup:
This is meant for speculation and entertainment - not financial advice.
-Victor Cobra
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Looks pretty bullish to me - TOTAL market cap bounced and is now back above May high
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Since this post, the TOTAL index broke down from the uptrend. This is a bearish development in the medium term, I think. Update:
