Bitcoin surges to new all-time highs as flagship cryptocurrency closes in on $100k

BITCOIN is trading above $97,000 this morning, closing in on the symbolic $100,000 mark after gaining 5% overnight and setting yet another all-time high.

The rally has also breathed new life into Bitcoin Cash, which surged over 19%, while Litecoin and Stellar also posted gains.

The broader crypto market, however, is mixed. Following a month of sharp price increases in altcoins, many are now in the red.

Much of the market's attention remains focused on Bitcoin's historic run, which analysts attribute partly to the explosive start of Bitcoin options trading. Yesterday's launch saw record-breaking volumes, signalling strong institutional and retail interest.

Adding to the bullish sentiment, rumours that President Trump is expected to appoint pro-crypto officials to key positions in his administration has sparked further optimism among investors. The question now is whether this rally will extend into six-figure territory or if the market will pause to consolidate. Stay tuned.

In the Markets

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Total crypto market cap

$3.32 trillion (+1.7%)

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What Bitcoin did yesterday

Daily high $97,836 |  Daily low $92,799

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Bitcoin market capitalisation

$1.92 trillion (60.45% of market)

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Bitcoin 24-hour trading volume

$90.4 billion (+20.7%)

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SP500

+0.002

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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)

72

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…

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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