I felt I had to share this ominous looking chart of today's Total Market Capitalization on https://coinmarketcap.com.
With Bitcoin surging ahead to all time highs over the past few weeks, the rest of the market has been left behind, and as a whole only just passed its previous all time high over the weekend.
I think it's clear now from how this line has broken out that we are going to see a parabolic move up over the next few weeks, judging by what happened after the last all time high and correction from June - August.
How much of this will be Bitcoin is hard to tell. At the moment the Bitcoin dominance is 58.2%, so being two thirds of the market it could single-handedly produce this kind of spike. If we add the billions that will be created out of thin air with the Bitcoin Segwit 2x coin, this could well be enough on it own.
Looking at the same chart for Total Market Capitalization (Excluding Bitcoin) we can see that the alts as a whole are still flat, and well off their all time highs.
How long this will last for is hard to tell. A breakout must be coming soon, but we may well not see this chart hit new highs until after the fork in mid November. Until then we could just slowly creep higher before the final moonshot, which looks to be the consensus opinion of a lot of analysts, and one that I am leaning towards.
Either way it looks like it's going to be a wild ride for the next month, so buckle up, stay calm and please don't do anything stupid! 🚀
This is not investment advice, and is intended for educational purposes only.