Cryptocurrency comeback continues
BITCOIN is priced at roughly $57,000 this morning - up by 4% overnight, with Ethereum up almost 3%.
Most cryptocurrencies on Luno are currently in the green. Notable movers include Solana (+12%) and Curve (+7%). The Fear and Greed Index rose a few notches over the last day, back in Neutral after sinking into Fear after the sell-off on Monday.
US stocks have also improved as the governor of the Bank of Japan (BOJ), Shinichi Uchida, eased fears around hiking interest rates in unstable markets, which analysts say could have contributed to extreme volatility seen earlier this week in traditional markets.
The comments followed signals from Governor Ueda last week indicating that more rate hikes in Japan could be on the way. Some traders blamed these signals for triggering a massive unwinding of yen carry trades - a strategy where investors borrow Japanese yen at low interest rates to invest in higher-yielding currencies or assets, aiming to profit from the interest rate difference.
In the Markets
Total crypto market cap
$2 trillion (+1.46%)
What Bitcoin did yesterday
Daily high $57,025 | Daily low $53,998
Bitcoin market capitalisation
$1.14 trillion (+%)
Bitcoin volume
$45 billion (-39%)
CoinDesk Large Cap Select Index
+3.31%
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.
SP500
+1.04%
Fear and Greed Index
43 (Fear)
The Fear and Greed Index measures volatility, market momentum/ volume, social media, surveys, dominance, and Google search trends to gauge market sentiment.
Bitcoin’s market dominance
57
The Bitcoin Market Dominance indicator measures the percentage of total cryptocurrency market capitalisation represented by Bitcoin at a given time.
Bitcoin Relative Strength Index (RSI)
64
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.
