Ethereum leading the charge as crypto markets see big 24-hour gains

May 21, 2024
James Bowater

ETHEREUM'S price is currently up by 18% overnight to $3,667, with Bitcoin and other cryptos in tow. Bitcoin is trading above the key level of $70,000 for the first time in weeks and currently sits at $71,000.

It’s green across the board today, with the return of positive sentiment also reflected in the Fear and Greed Index, which is sitting firmly in “Greed” this morning.

News of a potential turnaround from the Securities and Exchange Commission on the possibility of an Ethereum ETF approval is doing the rounds this morning.

In the Markets

Total crypto market cap

$2.61 trillion (+8.12%)

What Bitcoin did yesterday

Daily high $71,482 |  Daily low $66,076

Bitcoin market capitalisation

$1.4 trillion (+6.02%)

Bitcoin volume

$52.62 billion (+129%)

CoinDesk Large Cap Select Index 

7.41%

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

+0.09%

Fear and Greed Index

70 (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

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

Relative Strength Index (RSI)

67.51

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.