Crypto Market Cap Surpasses $3 Trillion Amid Bitcoin's Slight Pullback

The total crypto market cap briefly reclaimed $3 trillion, indicating a potential resurgence in the market. Over the past week, 90% of altcoins outperformed Bitcoin (BTC), and the Money-Risk Value Ratio (MVRV) crossed back above its one-year average.

This pattern is similar to the major cycle shift seen in 2023. The five-year high in September's flash PMI pushed October's Fed hike odds from roughly 49% to nearly 70%, and the 10-year yield rose above 5.1%. As a result, Bitcoin pulled back 4.0%, dropping from above $87K to around $84K.

However, this pullback has not broken the bullish setup. Leverage has fallen from the rally high, funding remains broadly positive, and ETF inflows continue through correction.