Bitcoin breezes past $90,000 in US trading hours

BITCOIN hit a new all-time high of $93,470 yesterday before pulling back to around $90,000 this morning.

Although trading volumes have dipped slightly, they remain above an elevated $100 billion over 24 hours.

Ethereum and other cryptocurrencies have rebounded after yesterday's volatility, notching impressive gains that extend 7-day and 30-day returns. Solana and Cardano, for example, are up 40% and 59% over the past month, respectively, while Dogecoin has surged an eye-watering 236% over the same period.

The momentum in crypto markets coincides with fresh CPI data indicating a modest inflation uptick in the US, which might prompt the Fed to ease up on its aggressive rate-cutting trajectory next year.

Analysts still expect another 0.25% cut in December. Lower interest rates generally diminish returns on traditional savings, nudging investors toward risk assets like crypto and stocks, often driving up prices.

With Bitcoin’s milestone so close to the psychological $100,000 mark, market watchers are asking: will BTC push higher again when US investors step in later today?

In the Markets

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🌦️The Data... 

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Total crypto market cap

$2.9 trillion (-0.15%)

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What Bitcoin did yesterday

Daily high $86,572 |  Daily low $93,477

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Bitcoin market capitalisation

$1.77 trillion (59.7% of market)

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Bitcoin 24-hour trading volume

$116 billion (-2.53%)

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SP500

+0.02%

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Fear and Greed Index

Extreme Greed

‍Source: Coinmarketcap

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)

75.3

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…

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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