Ethereum can't quite steal the moves as Bitcoin price kills the groove
IT isn’t exactly murder on the dancefloor, but there certainly don’t seem to be many people feeling the groove at the moment.
The price of Bitcoin has drifted slightly closer to $65k this morning, down almost 1% since this time yesterday.
To paraphrase a Sophie Ellis Bextor song that absolutely no one in the world will have heard, ‘everything looks restless underneath the surface’. But which way is next?
Things at least looked a little brighter for Ethereum, which is up 2% in 24 hours and holding tidily above the $3,500 mark this morning.
It received a boost yesterday with news after it was announced the Securities and Exchange Commission has closed its "Ethereum 2.0" investigation and would not seek "to regulate ETH as a security”, after Consensys sued the regulator in April over perceived attempts to regulate it despite statements that ETH is not a security, and not within the SEC’s statutory jurisdiction.
In the Markets
Total crypto market cap
$2.37 trillion (+0.23%)
What Bitcoin did yesterday
Daily high $66,556 | Daily low $64,066
Bitcoin market capitalisation
$1.284 trillion (-0.9%)
Bitcoin volume
$34.5 billion (-4.77%)
CoinDesk Large Cap Select Index
-2.04%
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
+0.25%
Fear and Greed Index
64 (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
55.44
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)
42.54
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.
