On Monday, I wrote:
With the crypto winter seemingly coming to an end and spring on the horizon,
So why do I think winter is behind us and spring is on the horizon?
Well you can see in the chart of the entire crypto market that there has been a meaningful move off of the bottom in the last five months.
The entire crypto market hit the low point in mid December at roughly $100bn and has rallied over the winter and spring to almost $250bn. While there is no guarantee that we won’t go back and test those lows, I do think we hit rock bottom in December.
It is also worth noting that the daily trading volumes are now higher (almost double) than they were at the height of the crypto bubble in January 2018. Investors are back in the market and pushing it higher.
And this is not just about Bitcoin. Here is the total market minus Bitcoin:
It is a very similar chart with very similar volume…