Bitcoin hangs on to $89,000 as crypto markets await weekend trading

THE cryptocurrency markets saw some mixed performances overnight.

XRP surged 16% following a US court ruling perceived to favour Ripple Labs in its ongoing case against the SEC.

Meanwhile, Bitcoin retreated to around $88,000, and Ethereum shed 4%, reflecting a broader divergence at the top of the market-cap rankings.

Among altcoins, Algorand and Stellar are showing gains, while Chainlink and Avalanche are trading in the red. Despite the volatility, the Fear and Greed Index remains in 'Extreme Greed', highlighting elevated investor sentiment.

US inflation data released earlier this week showed a slight uptick, a development that analysts say has tempered momentum in both crypto and equity markets.

While the increase was widely anticipated, analysts note that it may have prompted a cooling effect as traders recalibrate their expectations.

Nonetheless, with the Fed still expected to pursue rate cuts, questions linger over whether this rally can extend into next week.

In the Markets

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🌦️The Data... 

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Total crypto market cap

$3.05 trillion (-3.9%)

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What Bitcoin did yesterday

Daily high $$86,994 |  Daily low $91,711

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Bitcoin market capitalisation

$1.74 trillion (60% of market)

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Bitcoin 24-hour trading volume

$86.2 billion (-26%)

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SP500

-0.6%

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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)

45.6

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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