Bitcoin on the up as crypto markets look to bounce back
MANY altcoins and older cryptocurrencies are posting sharp gains this morning, underscoring the continued volatility in crypto markets.
Aave (AAVE) has surged 27% over the past 24 hours, while Bitcoin Cash (BCH) and Cardano (ADA), both part of the market's older cohort, have climbed more than 20%.
Bitcoin is trading around $90,000, rebounding from a daily low of roughly $81,000 yesterday. Ethereum has gained more than 7% after developers yesterday successfully tested its Pectra upgrade, designed to improve scalability and maintain its competitive edge in the smart contract market.
Today's broad market rebound marks a sharp reversal from yesterday, with only a handful of cryptocurrencies in negative territory. Whether this signals consolidation or another short-lived peak in the recent cycle of swings remains to be seen. But investors are watching closely.
In the markets
🌍 Total crypto market cap ⬆️
The global cryptocurrency market capitalisation is currently approximately $2.91 trillion, showing a 5.47% increase over the past 24 hours.
🟠 Bitcoin (BTC) ⬆️
Price: Currently trading at $88,419, reflecting a 5.31% increase in the last 24 hours.
- Daily high: $88,895
- Daily low: $81,688
💎 Ethereum (ETH) ⬆️
- Price: Currently trading at $2,251, reflecting a 7.24% increase in the last 24 hours.
- Daily high: $2,253
- Daily low: $2,022
📈 S&P 500 ⬇️
The S&P 500 index is currently down by 1.22% from the previous close.
😬 Fear & Greed Index
The Crypto Fear & Greed Index is currently at 25, signalling Fear among investors.
📊 Bitcoin Relative Strength Index (RSI) (14)
The 14-day RSI for Bitcoin is at 61, indicating that the asset is neither oversold nor overbought.
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.
