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Upside capped at $980B total crypto market, according to derivatives metrics

Published 10/03/2022, 01:30 PM
Updated 10/04/2022, 03:20 PM
Upside capped at $980B total crypto market, according to derivatives metrics

It is becoming increasingly challenging to support a bullish short-term view for cryptocurrencies as the total crypto market capitalization has been below $1.4 trillion for the past 146 days. Furthermore, a descending channel initiated in late July has limited the upside after two strong rejections.

Total crypto market cap, USD. Source: TradingView

The 1% weekly negative performance in cryptocurrency markets was accompanied by stagnation in the S&P 500 stock market index, which remained basically flat at $3,650. Uncertainty continues to limit the eventual recovery as worsening global economic conditions have caused trans-Pacific shipping rates to plunge 75% versus the previous year, forcing ocean carriers to cancel dozens of voyages.

Weekly winners and losers among the top-80 coins. Source: Nomics
Accumulated 7-day perpetual futures funding rate on Oct. 3. Source: Coinglass

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