Looks like volatility's back on the crypto menu!
MOST cryptos are down over 24 hours as uncertainty from inside crypto and the global economy continues to impact market sentiment.
The price of Bitcoin is down by 1.3% over 24 hours while Ethereum is in the red by 0.5%. Many other cryptos are following a similar trend, with the exception of Aave (+1.7%) and Maker (+7%).
Prices seemed to have rebounded somewhat yesterday but some analysts say news of the US Government sending a large amount of Bitcoin to a US exchange, possibly with the intent of selling the crypto, may have spooked investors further.
Will Bitcoin keep its level above the key level of $60,000, or is there more downside to come?
In the Markets
Total crypto market cap
$2.25 trillion (-1.25%)
What Bitcoin did yesterday
Daily high $62,469 | Daily low $60,715
Bitcoin market capitalisation
$1.28 trillion (-1.2%)
Bitcoin volume
$21.53 billion (-19.8%)
CoinDesk Large Cap Select Index
-1.09%
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
+0.16%
Fear and Greed Index
45 (Neutral)
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
54.56
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)
43.63
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.
