Bitcoin flattens out as altcoins turn the sea red

BITCOIN (BTC) has drifted to nearly $65,600 - a drop of around 0.5% over the past 24 hours and a reversal of any of last week’s gains.

Ethereum (ETH) has also slipped to just above $3,400. Other major alt coins have dropped even more, with Solana (SOL) down by 5% and the likes of Avalanche (AVAX) and Dogecoin (DOGE) seeing double digit falls since this time yesterday. 

Trawling through the crypto world at the moment, there’s not a whole lot to get too excited about. Political uncertainty amidst a glut of elections in the UK, US and France also appear to be keeping crypto investors fingers firmly off their triggers. Is it the calm before the storm? Will the downwards drift be arrested? Time will tell. 

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In the Markets

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Total crypto market cap

$2.36 trillion (-1.78%)

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What Bitcoin did yesterday

Daily high $67,188 |  Daily low $65,094

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Bitcoin market capitalisation

$1.3 trillion (-0.7%)

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Bitcoin volume

$36.28 billion (+105.05%)

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CoinDesk Large Cap Select Index 

+1.09%

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

+0.77%

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Fear and Greed Index

55 (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

56.18

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)

43.75

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.