Bitcoin regains key level as altcoins rally
BITCOIN climbed back above $100,000 this morning, leading a rally across the cryptocurrency market. Hedera (HBAR), Chainlink (LINK), and Litecoin (LTC) surged by more than 10% overnight, reflecting broad-based strength among cryptocurrencies.
Markets are abuzz with speculation ahead of Donald Trump's inauguration on Monday. Bloomberg and other outlets report that Trump may prioritise cryptocurrency as part of his agenda.
Meanwhile, in a major development for institutional adoption, the Nasdaq filed a 19b-4 form with the SEC for a proposed Litecoin ETF, advancing the conversation on mainstream crypto investment options. Whether it gets approved is another story.
January is shaping up to be a pivotal month for crypto. Trump’s inauguration, followed by the Federal Reserve’s interest rate decision later this month, could set the tone for broader market sentiment and monetary policy for the rest of the year.
In the Markets
Total crypto market cap
$3.57 trillion (+2%)
What Bitcoin did yesterday
Daily high $102,084 | Daily low $97,532
Bitcoin market capitalisation
$2.01 trillion (+1.18%)
Bitcoin 24-hour trading volume
$58.75 billion (+2.4%)
SP500
0.21%
Fear and Greed Index
The Fear and Greed Index measures volatility, market momentum/ volume, social media, surveys, dominance, and Google search trends to gauge market sentiment.
Bitcoin Relative Strength Index (RSI) (14)
63
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.
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.
