Cryptocurrency markets look strong as Bitcoin climbs above $72,000
BITCOIN looks to be in the ascendency today after a week of being unable to punch back through a line of resistance around $70,000.
However, a potential response to mass short trading, coupled with the realisation that the Bitcoin halving may happen sooner than expected, has seen the flagship crypto rise above $72,000 this morning.
The halving date - when the processing transaction rewards for Bitcoin miners is reduced to 3.125 Bitcoin per block - had long been anticipated to be April 20, but various elements including block height and hash rate have conspired to point towards an earlier halving.
It is now likely to occur on April 19 or 18, with some analysts even suggesting April 17.
Ethereum, meanwhile, has gripped tight to Bitcoin's coattails with a 5.6% rise over the last 24 hours to $3,610.
Elsewhere, Cardano's ADA is back above $0.60 and setting a fair pace as the vast majority of altcoins shown green.
In the Markets
Total crypto market cap
$2.73 trillion (+0.95%)
What Bitcoin did yesterday
Daily high $70,284.43 | Daily low $68,851.63
Bitcoin market capitalisation
$1.4 trillion (+2.55%)
Bitcoin volume
$24.81 billion (+24.15%)
CoinDesk Large Cap Select Index
-0.54%
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
+1.11%
Fear and Greed Index
76 (Extreme greed)
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
54.42
The Bitcoin Market Dominance indicator measures the percentage of total cryptocurrency market capitalisation represented by Bitcoin at a given time.
Relative Strength Index (RSI)
72.22
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.
