Bitcoin perks up with halving now expected tomorrow morning

THE price of Bitcoin is up by more than 4% as the Bitcoin halving is expected to happen on Saturday morning.

Ethereum and other smart-contract cryptos have followed. 

The original smart contracts crypto is trading in the green by roughly 5%, while Solana is up 9%. Uniswap is another notable mover, trading in the green by 8%. Maker is the only crypto in the Luno stable that is trading in the negative this morning. 

The Bitcoin halving is big news today. Investors will be watching closely whether the event has been priced in or if more volatility is on the way.

Previous halving events were followed by price volatility in the months after, with all-time highs happening in the next year. But this cycle’s different, with Bitcoin tagging an unprecedented all-time high prior to the halving. Will the price continue to climb? 

In the Markets

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Total crypto market cap

$2.34 trillion (-3.56%)

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What Bitcoin did yesterday

Daily high $64,092 |  Daily low $60,822

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Bitcoin market capitalisation

$1.27 trillion (+5.04%)

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Bitcoin volume

$49/8 billion (+18.23%)

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CoinDesk Large Cap Select Index 

+3.06%

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

-0.22%

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Fear and Greed Index

59 (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

55.72

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)

62.08

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.