A view from the global market cap shows that the crypto industry is performing reasonably well. The market is on a slow and steady incline, which is refreshing to see after the turmoil traders went through over the past two weeks. The total market cap is currently at $218 billion.
Does the steady incline suggest an imminent bull run?
Over the last two days, some traders were viewing the positive cryptocurrency movement as an indication that a bull run is coming. While it is possible that this could be the case, right now it would be foolish to assume that any upward trend is indicative of a bull run. Before we are in a financially bullish territory, we need to move well beyond a market cap of around $200 billion. Note that in January 2018 the market cap was briefly at $800 billion. The downward turn that the industry has taken (and is still taking) is magnificent.
We might not be financially ready for a bull run, but socially, the community seems to be preparing for one. A visit to forums such as Bitcointalk, the cryptocurrency subreddit, and some discord chats will reveal that people are beginning to discuss ICOs and new coins again. This always happens when people are excited about cryptocurrency’s future. Socially speaking, it is a sign that traders think the waters are safe enough to invest in lesser-known projects. If you can cast your mind back to the 2017-2018 bull market, these types of posts were prevalent and unavoidable. It is a symptom of a community-wide FOMO, something which is almost exclusively seen during positive moments in crypto.
Some coins see a major spike
While most coins including Bitcoin and Ethereum only see a steady incline, a select few are experiencing a much more impressive market movement. IOTA is rising at an impressive rate, as is VeChain and Waltonchain. It is always tough to figure out why particular coins rise higher than others, but it may have something to do with the fact that they are all firmly aimed at the IoT (internet of things) market. Perhaps their rise suggests that cryptocurrency is about be embraced within the field. The fact that the three crypto giants in the IoT industry are all rising highly may not be a mere coincidence.
Kai is a cryptocurrency copywriter and professional trader. He can often be found investigating various cryptocurrencies, whitepapers, and blockchain technologies. Kai has been a professional writer for 5+ years, and has invested in 50+ different coins and tokens. He also currently studies Law and Philosophy at university.