Cardano, Doge and Shiba Inu set the pace as Bitcoin shuffles sideways

BITCOIN continues its sideways journey, trading around $63,700 this morning as the market digests global economic stimulus measures and braces for potential volatility in the lead-up to the US elections.

Analysts say it may take some time before financial markets fully react to the worldwide economic actions, especially factoring in uncertainty around what’s expected to be a highly-contested US election. 

Ethereum mirrors Bitcoin’s price action, moving in lockstep as both cryptos consolidate near their current levels.

However, it's not all quiet on the crypto front. Dogecoin and Cardano have posted notable price gains overnight, with Near and Pol also outperforming their larger-cap peers, signalling some optimism in the altcoin space.

Meanwhile, there’s been a pickup in Bitcoin exchange-traded fund (ETF) inflows, which analysts say could suggest that investor sentiment is starting to turn more positive as we head into October. 

As global markets wait for clarity, crypto investors are watching for the next catalyst that could push Bitcoin out of its current range. Will renewed optimism around ETFs and strong altcoin performance hint at a broader rally, or will the uncertainty linger until after the US elections?

In the Markets

Total crypto market cap

$2.24 trillion (+0.04%)

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What Bitcoin did yesterday

Daily high $64,788 |  Daily low $62,952

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Bitcoin market capitalisation

$1.25 trillion (57.4% of market)

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Bitcoin 24-hour trading volume

$24.7 billion (-16.5%)

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SP500

-0.19%

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Fear and Greed Index

50 (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 Relative Strength Index (RSI)

54

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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