Over the last 24 hours, there has been a noticeable uptick in the cryptocurrency market, though Benjamin Cowen suggests that the influx into the crypto space may not exclusively stem from new investors.

Cowen suggests that this could be a result of market investors favoring more conservative options for their crypto portfolios, indicating a shift in preference.

Crypto Market Capital Placement Shifts

Cowen points out that the crypto market currently resides in a zone where, if the total market cap fails to achieve new heights, it might simply be a matter of investors reshuffling their portfolios’ capital:

“If TOTAL (total crypto marketcap) cannot break out here (same spot it was rejected in April and July), then I still think what we are witnessing is a rotation of capital from altcoins to BTC, rather than a lot of new money coming into the space.”

At the time of this publication, CoinMarketCap data shows that the total market capitalization of crypto is $1.23 trillion.

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Author: Ciaran Lyons

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