A closely followed crypto analyst says that an all-time high of fresh capital has entered the digital assets market during the last 30 days.
In a new thread, crypto strategist Ali Martinez tells his 55,500 followers on the social media platform X that the crypto markets have been inundated with record-high capital inflows in just the past month alone.
“The crypto market has witnessed the most significant capital influx ever, boasting an all-time high of $110 billion in fresh capital!”
Martinez goes on to highlight some whale activity in the last month, which includes deep-pocketed investors gobbling up massive amounts of the meme asset Dogecoin (DOGE) over a two-week period.
“Dogecoin whales have purchased 1.40 billion DOGE over the past two weeks, worth around $280 million!”
Dogecoin is trading for $0.213 at time of writing, a 6.74% increase during the last 24 hours.
Moving on to the top crypto asset by market cap, Martinez says Bitcoin (BTC) appears to be forming a bullish technical pattern on the 30-minute chart. According to the trader, BTC may witness a breakout rally if it moves above its immediate resistance.
“Bitcoin shows [an inverse] head-and-shoulders formation on the 30-minute chart. Should BTC maintain its position above the 200 EMA (exponential moving average) and surpass the neckline resistance at $71,580, we could anticipate a potential increase of 4.44%, targeting a price of $74,760.”
Bitcoin is trading for $70,468 at time of writing, a fractional increase on the day. On January 23rd, the flagship digital asset was trading for $39,833.
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