Bitcoin's 24-hour trading volume drops massively as markets anticipate next move from US
THE crypto markets currently feel more like a lifeless desert than the lively, active hive of volatility that traders crave.
Alas, their thirst for dramatic action and market movement is far from being sated.
Bitcoin, currently, has all the agility of a giant container ship captained by a post-coital sloth.
A lift of 1.5% in the last 24 hours to $66,330 has triggered little more reaction than a dismissive shrug of the shoulders, as the 24-hour trading volume will testify. At just $19.4 billion since this time yesterday, that's a drop in enthusiasm of more than 40%.
Cardano looks to be starting some sort of movement today, with a 2.6% rise on yesterday. A similar stretch from Ethereum suggests things might actually happen when the US wakes up in a couple of hours.
Quite what those things are is anyone's guess. The markets are in a funny old mood and could go up, down or continue sideways. No one has the definitive answer, but keep a close eye on trading volume this afternoon - that could reveal the direction of travel.
In the Markets
Total crypto market cap
$2.39 trillion (+1.10%)
What Bitcoin did yesterday
Daily high $65,695 | Daily low $64,693
Bitcoin market capitalisation
$1.3 trillion (+0.93%)
Bitcoin volume
$19.26 billion (-43.76%)
CoinDesk Large Cap Select Index
-1.81%
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.
SP500
+0.25%
Fear and Greed Index
60 (Greed)
The Fear and Greed Index measures volatility, market momentum/ volume, social media, surveys, dominance, and Google search trends to gauge market sentiment.
Bitcoin’s market dominance
55.32
The Bitcoin Market Dominance indicator measures the percentage of total cryptocurrency market capitalisation represented by Bitcoin at a given time.
Bitcoin Relative Strength Index (RSI)
51.55
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.
