The total crypto market cap surpassed $900 billion on Jan. 12 to record a nine-week high.
In conjunction with several tokens recording “monster gains” recently, some have taken this as an indication of the advent of a new bull run.
Crypto market cap shows signs of recovery
Nine weeks ago, the fallout from the FTX collapse spooked the market, leading to massive capital outflows. A bottom was reached when the total market cap found support at $783 billion on Nov. 21, 2022.
The peak-to-trough movement of the fallout equated to a loss of 26% over 16 days.
As participants processed the situation, a period of great uncertainty followed. However, with the start of the new year, it appears sentiment has flipped from uncertainty to tentative optimism.
Leading the charge are several tokens with a strong performance over the past week which has given cause for hope. This includes the gaming project Gala, up 120%, and Layer-1 blockchain Aptos, which grew 83% over the same period.
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