Cardano and XRP breathe a little life into deflated Uptober

BITCOIN briefly retested the $60,000 level yesterday, dipping to a daily low of $59,000 before finding support and rebounding to trade just under $61,000 this morning.

It’s the second time this month Bitcoin has tested this key level, but the price remains range-bound for now.

While Bitcoin and Ethereum are relatively flat this morning, Uniswap has been a notable performer in the market, with its price up by more than 18% over the past seven days. This surge coincides with Uniswap's recent launch of its new chain, designed to improve trade speed and efficiency on the platform.

Other coins such as XRP and Cardano have also shown a bit of life in an otherwise quiet crypto market.

Despite the positive price action in a few markets, broader crypto markets remain cautious.

Investors are closely watching inflation data and the ongoing regulatory scrutiny in the US, which analysts say has added pressure to the market.

The big question now is whether these green shoots signal the beginning of a broader recovery or if the small rally will once again fizzle out. 

In the Markets

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Total crypto market cap

$2.12 trillion (-0.32%)

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What Bitcoin did yesterday

Daily high $61,304 |  Daily low $59,075

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Bitcoin market capitalisation

$1.2 trillion (57.69% of market)

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Bitcoin 24-hour trading volume

$30.2 billion (+10.5%)

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SP500

-0.21%

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Fear and Greed Index

32 (Fear) 

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)

47.81

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…

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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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