Higher highs and higher lows in a whirlwind 24 hours for crypto
BITCOIN experienced a whirlwind of activity yesterday, spiking to $67,800 before quickly retreating to $65,000 and then climbing back to around $67,000.
Currently, the flagship cryptocurrency remains just below $67k with trading volume surging and the Fear and Greed Index firmly in 'Greed' territory.
This uptick in activity wasn’t mirrored across the broader crypto market, with Ethereum trading sideways and most altcoins failing to show significant movement.
The day’s fluctuations come at a time of increased global uncertainty, with some market watchers suggesting that traders are preparing for volatility tied to the upcoming US election on November 4.
The prospect of political and financial shifts could be pushing investors to position themselves for potential swings, both in crypto and traditional markets.
In the Markets
Total crypto market cap
$2.32 trillion (+1.07%)
What Bitcoin did yesterday
Daily high $67,821 | Daily low $64,850
Bitcoin market capitalisation
$1.32 trillion (58.76% of market)
Bitcoin 24-hour trading volume
$49.25 billion (+21.1%)
SP500
-0.76%
Fear and Greed Index
Greed
The Fear and Greed Index measures volatility, market momentum/ volume, social media, surveys, dominance, and Google search trends to gauge market sentiment.
Bitcoin Relative Strength Index (RSI)
58
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.
