On Tuesday, August 18th, the total cryptocurrency market capitalization rose to $ 393 billion. The last time such an index was recorded on May 16th, 2018, at the start of the “crypto winter”.

Along with the growth in capitalization, the bitcoin dominance index fell to 57.7% – the lowest value since June 2019. A similar figure for Ethereum rose to 12.3%, although at the beginning of the year it was about 7%.

However, analysts believe that bitcoin investors are still bullish. The CoinDesk publication draws attention to the decrease in the exchange reserves of the first cryptocurrency to a 21-month low.

“Lower BTC spot exchange balance indicates a current holding mentality among investors, I see this as being pretty bullish,” said eToro analyst Simon Peters.

Investors tend to move digital assets from their wallets and onto exchanges when they lose confidence in the current price movement so they can easily sell them. For example, in the days leading up to the Black Thursday sell-off, when bitcoin crashed by 40%, exchange balances surged by 2% to a high of 2,947,555 BTC.

Since then, the price has climbed 200%, updating a new 2020 record on Monday 17 August. At the moment, the quotes rose close to $ 12,000, and the number of coins on the exchanges decreased by 11%.