Bitcoin looking down on $100k again as altcoins seize the initiative

THE crypto markets are showing strong momentum this morning, with several notable price surges.

Aave is leading the pack with a 30% price gain overnight, closely followed by Chainlink (LINK), which has rallied by 29%.

Cardano (ADA), which had seen volatility after its impressive rally in November, is back in the spotlight with a 15% price increase over the past 24 hours.

Large-cap cryptocurrencies are experiencing more modest gains, with Bitcoin climbing back above the key $100,000 mark. Market sentiment reflects this optimism, with the Fear and Greed Index firmly in 'Extreme Greed' territory.

Meanwhile, stocks are also higher after US inflation data, released yesterday, met investor expectations.

The Consumer Price Index rose at its fastest pace in seven months but matched forecasts, easing concerns of a higher-than-expected print, say analysts.

The focus now shifts to the Federal Reserve’s interest rate decision on 18 December. Will it give the markets another boost, or will the Fed go against expectations and dampen investor confidence? 

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In the Markets

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Total crypto market cap

$3.65 trillion (+5.29%)

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What Bitcoin did yesterday

Daily high $101,961  |  Daily low $97,314

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Bitcoin market capitalisation

$1.99 trillion (+3.2%)

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Bitcoin 24-hour trading volume

$81.62 billion (-15.9%)

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SP500

+0.82%

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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) (14)

56

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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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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