Bitcoin holds price above $50,000 for first time since 2021

A WEEK-long rally has the market leader up by around 17% over seven days, trading around the $50,170 level this morning - a new high for 2024, and the highest price level since December 2021. 

The technical data is reflecting the optimism in the markets, with Bitcoin trading volumes having almost doubled in the last 24 hours, the Relative Strength Index in an overbought position at 72, and the moving averages on TradingView signalling a “strong buy” position.

The rest of crypto has followed. Ethereum is up more than 6% as more institutions are jumping on the spot ETF bandwagon, and Solana continues to solidify its position above the $100 level, trading for $113 this morning. It’s similarly green across most of the markets. 

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In the Markets

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Total crypto market cap

$1.87 trillion (+3.82.%)

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What Bitcoin did yesterday

 Daily high $50,277 |  Daily low $47,729

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Bitcoin market capitalisation

$981 billion (+3.57%)

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Bitcoin volume

$38 billion (+95%)

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SP500

-0.095%

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Fear and Greed Index

68 (Greed) 

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Bitcoin’s market dominance

53.91

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)

72

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.