Market pushes on as green sets the tone of the day

BITCOIN and other crypto markets are back in bright green territory this morning. The market leader is up 5% overnight to trade above $70,000, while Ethereum is following in step, trading for around $3,600. 

The younger generation of cryptocurrencies have also responded to the sentiment shift. The price of Solana is up 3%, Cardano is up by 4%, while Polkadot and Chainlink have both given returns of more than 5%. Algo is the big mover of the day, its price rebounding by 9%. 

The latest push in crypto in markets comes as the London Stock Exchange announced it will start listing Bitcoin and Ethereum exchange-traded notes early in April. An exchange-traded note (ETN) is a type of debt security issued by a financial institution, designed to track the performance of an underlying asset or index, and is traded on a stock exchange.

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In the Markets

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Total crypto market cap

$2.68 trillion (+4.86%)

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What Bitcoin did yesterday

Daily high $71,118 |  Daily low $66,395

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Bitcoin market capitalisation

$1.39 trillion (+5.62%)

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Bitcoin volume

$43.99 billion (+48.01%)

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CoinDesk Large Cap Select Index 

+5.78%

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. 

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SP500

-0.31%

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Fear and Greed Index

83 (Greed) 

The Fear and Greed Index measures volatility, market momentum/ volume, social media, surveys, dominance, and Google search trends to gauge market sentiment.

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Bitcoin’s market dominance

53.66

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

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Relative Strength Index (RSI)

51.71

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.

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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.