Bitcoin and Ethereum stuck in range as Aave rallies 

BITCOIN continues to struggle to break out of its recent range between $55,000 and $60,000, remaining stuck in the same territory it’s been trading in for weeks.

The market leader saw a fleeting pulse in price yesterday, climbing 4% and briefly trading above $57,000 before pulling back to around $56,400 this morning.

Ethereum and most other major cryptocurrencies shared a similar pattern – initial market optimism followed by a return to previous levels.

Despite the short-term volatility, things are looking more promising on a seven-day basis, with many digital assets managing to hold on to gains.

Aave, however, is the standout performer on the Luno platform, posting a 10%+ increase in the last 24 hours and a 20% rise over the week.

In broader market news, there was no mention of crypto at last night’s presidential debate between Kamala Harris and Donald Trump, despite anticipation from many commentators.

Trump has openly expressed pro-crypto views at past rallies, while the Harris campaign has remained quieter on the issue. Analysts suggest that a Trump victory in November could provide a boost to crypto markets.

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In the Markets

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Total crypto market cap

$1.99 trillion (-0.52%)

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What Bitcoin did yesterday

Daily high $58,019 |  Daily low $56,415

Bitcoin market capitalisation

$1.15 trillion (57.24% of market)

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Bitcoin 24-hour trading volume

$31.3 billion (-5.99%)

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SP500

+0.45%

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Fear and Greed Index

37 (Fear) 

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 Relative Strength Index (RSI)

44

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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