Crypto rally pauses for breath as Bitcoin notches 10% seven-day rise

THE recent crypto rally, which has seen Bitcoin's price increase by almost 10% over the past seven days, appears to have lost momentum for now.

Bitcoin is currently trading flat at $63,100 and showing little movement over 24 hours. Ethereum is showing a little more enthusiasm with a rise of just over 1% to $3,390 overnight, up 9% over the week.

The Fear and Greed Index has surged to 57, nearing the 'Greed' range, reflecting the excitement in the markets since Sunday.

However, before crypto bulls get too carried away, analysts note that Mt Gox moved crypto between wallets yesterday, which some believe could be intended for repaying creditors. Bitcoin's price dipped 3% from its highs of over $64,000 since yesterday. 

In the Markets

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Total crypto market cap

$2.32 trillion (+0.76%)

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What Bitcoin did yesterday

Daily high $64,869 |  Daily low $60,678

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Bitcoin market capitalisation

$1.24 trillion (-0.09%)

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Bitcoin volume

$38.39 billion (+48%)

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CoinDesk Large Cap Select Index 

+0.18%

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. 

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SP500

+0.28%

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Fear and Greed Index

57 (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’s market dominance

54.97

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

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Bitcoin Relative Strength Index (RSI)

52.33

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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