Another 24 hours in the red

CRYPTO prices are moving sideways for the most part this morning following yesterday's market rout that saw the price of Bitcoin drop to lows of around $62,000.

The leading digital asset is currently trading at $64,000, while Ethereum is priced at $3,130 - down another 1% from yesterday.

Many alt-coins are trading in line with Ethereum, but some cryptocurrencies have continued to see deep sell-offs. XRP is down 7%, while the price of Solana has decreased by 4% overnight. The CoinDesk Large Cap Select Index, a proxy for large-cap crypto performance, is down 0.6%.

US stock markets have also experienced a sell-off, which analysts attribute to weak economic data from the US, fuelling fears of a possible recession.

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In the Markets

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Total crypto market cap

$2.3 trillion (-0.3%)

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What Bitcoin did yesterday

Daily high $65,587 |  Daily low $62,303

Bitcoin market capitalisation

$1.26 trillion (-0.2%)

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Bitcoin volume

$39 billion (+1.3%)

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CoinDesk Large Cap Select Index 

-0.6%

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

-1.37%

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Fear and Greed Index

58 (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

56.5

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)

45

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.

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