Cardano now leading the charge as crypto rally continues

THE crypto rally doesn’t seem to be slowing down, with Bitcoin posting another all-time high of $76,800 yesterday after breaking the previous all-time high of $73,700 earlier this week.

Ethereum is nearing the elusive $3,000 level, up more than 4% over the past 24 hours and trading around $2,917 this morning.

Cardano's ADA, meanwhile, looks to be an early contender for star performer today. At $0.44 it's already up %18 on yesterday's price, and showing little sign of slowing down.

Momentum indicators continue to flash optimism, with the Fear and Greed Index deep in 'Greed' territory and moving averages signalling “Buy” this morning. Traditional markets have also been lured by the recent rally, with the BlackRock Bitcoin ETF seeing record inflows of over a billion dollars yesterday.

In other news, the Fed announced another 0.25% interest rate cut yesterday, with Chair Jerome Powell stating “Inflation has made progress toward the Committee's 2% objective but remains somewhat elevated”.

Cryptocurrencies and other risk-on assets have historically performed better in low-rate environments, as lower rates make borrowing cheaper and generally encourage investors to seek higher returns in riskier assets rather than safer, low-yield bonds or savings. Where will markets go next? Are more all-time highs in sight, or will investors take profits?

‍

In the Markets

‍

🌦️The Data...

‍

Total crypto market cap

$2.68 trillion (+0.3%)

‍

What Bitcoin did yesterday

Daily high $76,837 |  Daily low $74,448

‍

Bitcoin market capitalisation

$1.5 trillion (59.9% of market)

‍

Bitcoin 24-hour trading volume

$58.2 billion (-32%)

‍

SP500

+0.7%

‍

Fear and Greed Index

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.

‍

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.

‍

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.

‍