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The total crypto market cap continues to crumble as the dollar index hits a 20 year high

Published 09/01/2022, 05:30 PM
Updated 09/01/2022, 07:40 PM
The total crypto market cap continues to crumble as the dollar index hits a 20 year high

The total crypto market cap continues to crumble as the dollar index hits a 20 year high

From a bearish perspective, there's a fair probability that the crypto market entered a descending channel (or wedge) on Aug. 15 after it failed to break above the $1.2 trillion total market capitalization resistance. Even if the pattern isn't yet clearly distinguishable, the last couple of weeks have not been positive.

Total crypto market cap, USD billion. Source: TradingView

For example, the $940 billion total market cap seen on Aug. 29 was the lowest in 43 days. The worsening conditions have been accompanied by a steep correction in traditional markets, and the tech-heavy Nasdaq Composite Index has declined by 12% since Aug. 15 and even WTI oil prices plummeted 11% from Aug. 29 to Sept. 1.

Crypto Fear & Greed Index. Source: Alternative.me
Weekly winners and losers among the top-80 coins. Source: Nomics
Tether (USDT) peer-to-peer vs. USD/CNY. Source: OKX
Accumulated perpetual futures funding rate on Sept. 1. Source: Coinglass

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