Bitcoin breaks $61k, $62k and Coinbase

BITCOIN continues to surge, yesterday breaking through a few price levels to trade around $62,420 this morning, an overnight price increase of 6%.  

Ethereum’s along for the ride too, currently trading for around $3,450, up by 4%, with Solana up in the double-digits by 13%+. There are few losers today, among them being Uniswap and Polygon, which are down incrementally relative to the price swings seen in the last week. 

The spot BTC ETFs continue to break previous records as demand for Bitcoin-related investments shows no signs of letting up. 

Bitcoin yesterday breezed past the $60,000 level and continued pulsing until it came to a sudden stop around $64,000, after which it fell all the way to around $59,000. 

Around the same time, Coinbase - the largest crypto exchange in the US - announced an outage due to a surge in trading volumes.

“We had modeled a ~10x surge in traffic and load tested it. This exceeded that number,” Coinbase co-founder Brian Armstrong said.

“Apps are now recovering.” 

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In the Markets

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Total crypto market cap

$2.34 trillion (+8.48%)

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What Bitcoin did yesterday

 Daily high $63,653 |  Daily low $61,085

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Bitcoin market capitalisation

$1.23 trillion (+8.14%)

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Bitcoin volume

$95.18 billion (+141%)

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SP500

+0.17%

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Fear and Greed Index

86 (Extreme Greed) 

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Bitcoin’s market dominance

54.61

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

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Relative Strength Index (RSI)

63.70

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.