The crypto market has marked a profitable end to the week . Around 20 billion USD was pumped into the market taking the overall market cap of the crypto space to 225 billion US. Ripple has led this influx of money into the cryptospace by accounting for around an astonishing 13 billion of the aforementioned flow of capital. This seems to be in anticipation of the Swell conference hosted by Ripple in San Francisco on October 1st.
It is exciting to see a cryptocurrency bounce with significant volume and strength off yearly lows once again.
$BTC has found its footing as well going up to the $6700’s Its market cap has increased by 6.5 billion USD.
However it does seem that alts and $BTC still have more room to run in the short term based on the historical diagonal downtrend resistance as the next pivotal intersection.
In the short term, tt might be time to return to net short positions at a target level of $6900-7000. This sort of position would be entered with the idea that if $BTC could break the downtrend (daily close above $7150), then analysts would flip long and buy alts as that should be a strong indication of positive sentiment returning to the market.