Crypto markets step back as Wall Street rallies

MOST of the large-caps are in red territory this morning. 

Bitcoin has pulled back to hover above $51,000, while Ethereum has lost momentum to trade below $3,000, losing more than 2% overnight. 

The younger cryptos, often more susceptible to volatility, are treading deeper in the red. Avalanche is down by 3.5%, Chainlink is in the negative by 4.3%, and Uniswap has retracted by 4.7%. 

The dampened mood in crypto markets is reflected in the Relative Strength Index, which, at 49, is some way off the overbought marker of 70. 

Wall Street, on the other hand, is notably up. The rally in US stocks was kicked off by AI chipmaker Nvidia’s stellar financial results yesterday, according to analysts. The SP500 Index is up by more than 2% this morning. 

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In the Markets

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Total crypto market cap

$1.98 trillion (+0.63%)

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What Bitcoin did yesterday

 Daily high $52,015 |  Daily low $50,947

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Bitcoin market capitalisation

$1.003 trillion (-1.1%)

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Bitcoin volume

$24.19 billion (-20.29%)

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SP500

+2.1%

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Fear and Greed Index

72 (Greed) 

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Bitcoin’s market dominance

52.96

The Bitcoin Market Dominance indicator measures the percentage of total cryptocurrency market capitalisation represented by Bitcoin at a given time.

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Relative Strength Index (RSI)

47.32

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.