Altcoins turn the corner, but Bitcoin remains in the red

THE price of Bitcoin dipped to around $58,000 yesterday before bouncing back above the $60,000 level, where it’s trading in the upper reaches this morning. The market cap leader is down 2.5% overnight. The Ethereum sell-off seems to have settled, with the price dipping by less than a percentage point over 24 hours.

Altcoins have clawed back some ground after the storm. Solana is up more than 7% over 24 hours, with Chainlink, Cosmos, and Cardano posting significant gains overnight. The mover of the day is Aave, which is in the green by 13%.

Uncertainty seems to be rippling in from all sides, say analysts. There’s the delayed interest rate cut from the Fed, and Mount Gox, the defunct exchange, is reported to start paying back victims of the 2014 hack this week. This means selling billions of dollars worth of Bitcoin, potentially leading to further pressure. 

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In the Markets

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Total crypto market cap

$2.27 trillion (-0.7%)

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What Bitcoin did yesterday

Daily high $63,357 |  Daily low $58,589

Bitcoin market capitalisation

$1.2 trillion (-2.89%)

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Bitcoin volume

$42.19 billion (+131%)

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CoinDesk Large Cap Select Index 

-1.51%

The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies and gives a general indication of the overall performance of the crypto market. 

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SP500

-0.31%

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Fear and Greed Index

44 (Neutral) 

The Fear and Greed Index measures volatility, market momentum/ volume, social media, surveys, dominance, and Google search trends to gauge market sentiment.

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Bitcoin’s market dominance

54.57

The Bitcoin Market Dominance indicator measures the percentage of total cryptocurrency market capitalisation represented by Bitcoin at a given time.

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Bitcoin Relative Strength Index (RSI)

43

Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price, while 30 or below indicates an oversold or undervalued condition.

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Post Script…

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Cautionary Notes

It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.