Bitcoin surges past $65,000 as crypto markets boosted by ETF inflows

CRYPTO prices are up significantly today, fuelled by another market rally.

Bitcoin is trading above $65,000 for the first time in almost a month, while Ethereum is above $3,500. Adding to this momentum, or perhaps driving it, Bitcoin ETFs have seen their biggest inflows in six weeks.

This bounceback follows Germany's sale of 48,000 Bitcoin on the open market last month, along with sell-side pressure from the Mt Gox repayments. Crypto analysis firm Glassnode notes that there appears to be near-term sell-side relief and renewed inflows of demand supporting the market.

In the Markets

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Total crypto market cap

$2.41 trillion (+2.88%)

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What Bitcoin did yesterday

Daily high $65,319 |  Daily low $62,430

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Bitcoin market capitalisation

$1.29 trillion (+3.88%)

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Bitcoin volume

$39.6 billion (+5.76%)

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CoinDesk Large Cap Select Index 

+3.53%

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

+0.64%

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Fear and Greed Index

58 (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

55.02

The Bitcoin Market Dominance indicator measures the percentage of total cryptocurrency market capitalisation represented by Bitcoin at a given time.

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Bitcoin Relative Strength Index (RSI)

60

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.

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