A $372 billion surge in 19 days! Crypto market cap tops $2.93 trillion

The crypto market has recently heated up again, with its total market cap jumping by $372 billion in just 19 days to reach $2.93 trillion. Many people are already looking forward to a major bull market. But don't forget: the all-time high is $4.27 trillion, so there's still a considerable way to go before reaching the peak. It's too early to let our guard down. Interestingly, while prices are rising, retail investor search interest is actually declining. Google Trends data shows that searches related to crypto have fallen to their lowest level since 2024, suggesting that ordinary retail investors haven't entered the market yet. This could also limit the fresh capital available to drive further gains in the short term.

Multiple indicators are strengthening, and altcoin season may be just around the corner ✨

Although retail interest is low, on-chain indicators are sending optimistic signals. The Altcoin Season Index has climbed to 72, nearing the threshold of 75 for a full-fledged altcoin season. Simply put, once altcoin season begins, many altcoins tend to move independently and outperform Bitcoin.

The Fear and Greed Index has also entered the greed zone, reflecting strong bullish sentiment. But keep in mind that if it moves into extreme greed, the market often sees a short-term pullback.

Stablecoins continue to flow in, leaving the market well-stocked with “ammunition”

Stablecoins are like the market’s reserve funds, making them a crucial indicator to watch. The total stablecoin supply currently stands at $307.79 billion, with more than $600 million flowing in over the past seven days. A continued increase in stablecoins means capital is waiting on the sidelines and could enter the market to buy crypto at any time—a potentially bullish sign.

Market outlook summary

The market is showing a classic divergence: market capitalization is rising, stablecoin funds are flowing in, and the Altcoin Season Index is climbing, while retail search interest remains subdued. One interpretation is that we may still be in the early stages of a bull market: prices are rising, but the general public hasn’t caught on yet. However, these indicators don’t guarantee that the rally will continue. Bullish and bearish views are sharply divided, and volatility could be high, so be sure to manage risk carefully.#美联储10月维持利率概率升至82.3%