Lacklustre market continues as crypto crawls into September

AFTER Bitcoin's attempt last week to break past $60,000 was rejected, the market leader saw another price drop at the start of this week, bringing it down more than 1% overnight to around $57,500.

Ethereum mirrored this trend, slipping more than 1% overnight, continuing its gradual decline over the past seven days.

Many altcoins have deepened their losses, pulling the overall crypto market cap down by more than 1.2%.

It’s been a lacklustre August for the crypto market, and with key US economic data on the horizon, particularly Friday's unemployment numbers, investors are closely watching for potential market shifts.

‍

In the Markets

‍

Total crypto market cap

$2.02 trillion (-1.24%)

‍

What Bitcoin did yesterday

Daily high $59,058 |  Daily low $57,232

‍

Bitcoin market capitalisation

$1.13 trillion (57.59 of market)

‍

Bitcoin 24-hour trading volume

$26.4 billion (+72.9%)

‍

SP500

+1.01%

‍

Fear and Greed Index

26 (Fear) 

‍

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)

39

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.

‍