Total crypto market cap shows strength even after the Merge and Federal Reserve rate hike

Cryptocurrencies have been in a bear trend since mid-August after they failed to break above the $1.2 trillion market capitalization resistance. Even with the current bear trend and a brutal 25% correction, it has not been enough to break the three-month-long ascending trend.

The crypto markets’ aggregate capitalization declined 7.2% to $920 billion in the seven days leading to Sept. 21. Investors wanted to play it safe ahead of the Federal Open Markets Committee meeting, which decided to increase the interest rate by 0.75%.

Total crypto market cap, USD billions. Source: TradingView
Weekly winners and losers among the top-80 coins. Source: Nomics
(USDT) peer-to-peer vs. . Source: OKX
Accumulated perpetual futures funding rate on Sept. 21. Source: Coinglass