Total Crypto market cap just exceeded $1.3 Trillion for the first time in 18 months, asks JC Parets of AllStarCharts.com.
This means the total value of all the cryptocurrencies is now more than the total value of all the Silver in the world ($1.2T). When you compare crypto to the value of Gold, Crypto is worth about 10% of all the Gold in the world ($13T). Here's the Total Crypto Market Cap hitting new 18-month highs this week:
Meanwhile, Bitcoin just exceeded that key $31,000 level we've been talking about all year. This "resistance" is now "support". In other words, the path of least resistance, in my opinion, is higher. Likely much higher:
When will Bitcoin reach $100,000? Soon? Yes, probably. But how much more after that? $200,000? $1 Million? I have no idea. But what I do know is that the risk vs reward is very much in favor of the bulls here. Because if BTC is above 31,000 the amount of risk someone is taking by NOT being long, is too much to calculate.
To learn more about JC Parets, please visit AllStarCharts.com.