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Total crypto market cap rises above $1T — data suggests more upside is in store

Published 01/27/2023, 05:30 PM
Updated 01/29/2023, 07:40 PM
BTC/USD
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Despite the recent negative crypto and macroeconomic newsflow, the total cryptocurrency market capitalization broke above $1 trillion on Jan. 21. An encouraging sign is that derivatives metrics are not showing increased demand from bearish traders at the moment.

Total crypto market cap in USD, 1-day. Source: TradingView

Bitcoin (BTC) price gained 8% this week, stabilizing near the $23,100 level at 18:00 UTC on Jan. 27 as the markets weighed the potential impact of Genesis Global Capital’s bankruptcy on Jan. 19.

Weekly winners and losers among the top 80 coins. Source: Messari
Perpetual futures accumulated 7-day funding rate on Jan. 27. Source: Coinglass
BTC options volume put-to-call ratio. Source: laevitas.ch

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