Bitcoin has a spring in its step after a strong crypto weekend

MARKETS are showing some pep at the start of the week, with most cryptos in the positive this morning. Bitcoin is above $63,000, up 2.8% overnight, while Ethereum is up similarly over 24 hours. Maker and Solana continue to be among the big movers, both rising by more than 5%.

Analysts haven't pinpointed a single reason for the upswing in sentiment, noting that last month's downturn was likely a normal bull market correction.

This week is set to be significant for economic and inflation-related announcements. Tomorrow, Federal Reserve Chair Jerome Powell will give an overview of current monetary policy, which can significantly impact financial markets and investor sentiment. Minutes from the June meeting between US policymakers will be shared the following day. Will Powell make reference to rate cuts later this year? And will markets respond? 

In the Markets

Total crypto market cap

$2.33 trillion (+3.65%)

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What Bitcoin did yesterday

Daily high $63,006 |  Daily low $60,703

Bitcoin market capitalisation

$1.24 trillion (+2.89%)

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Bitcoin volume

$21 billion (+69%)

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CoinDesk Large Cap Select Index 

+3.39%

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

-0.41%

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‍Fear and Greed Index

49 (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

54.79

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)

66

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.