Is It Bottom Already? Crypto Analyst Says Otherwise

The crypto market is seeing price surges, as the combined market capitalization is about to hit $1 trillion again.
Crypto analyst il Capo of Crypto believes the bottom is not yet in.
Meanwhile, SBF believes the worst is over for the crypto market.

The crypto market is all-green once more, as most cryptocurrencies including Bitcoin and Ethereum are now witnessing slight upticks.

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For example, Bitcoin is currently trading at $21,509.69, according to CoinGecko. This is a 24-hour increase of 5.5%. Meanwhile, Ethereum is trading above $1,240, a convincing 6.8% surge in the last 24 hours and 13% in the last 7 days.

However, il Capo of Crypto, one popular crypto analyst with over 400,000 followers, argues otherwise.

For those who are not familiar with il Capo of Crypto’s screenshots, the above pictures show huge volumes of Bitcoin and Ethereum being sent to crypto exchanges. If this happens, then there is usually one reason for the action — owners of these cryptocurrencies are planning to sell.

Crypto Capo has been bearish about the crypto market since almost a year ago. He believes that the bull run will return around the time that Bitcoin undergoes its fated hard fork in 2024.

On the other hand, FTX CEO Sam Bankman-Fried said in an interview on July 6 that the worst is over for the crypto market.

Overall, the crypto market is close to hitting $1 trillion in combined market capitalization once more. So far, the highest that the crypto market reached during the 2021 bull run was $3 trillion.

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Jesus Dawal

Jesus Dawal Jr covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.