I want to highlight an important point about the total crypto market capitalization and Bitcoin (BTC). 
While $BTC has reached a new all-time high (ATH) of $110k, the total market capitalization has not followed suit, currently standing at just $3.39 trillion. 
This suggests that $BTC is absorbing liquidity from struggling altcoins and new money hardly coming in. In November 2021, when $BTC reached its previous cycle ATH of $69k, the total market cap hit $3 trillion. 
Now, with $BTC at $110k, the total market cap is only $3.39 trillion. 
To put this in perspective, between spring and autumn of 2021, the market cap surged by $0.6 trillion as $BTC hit its ATH. Despite BTC’s current 50%+ surge from its 2021 ATH, TOTAL3 still hasn’t surpassed its 2021 peak.