Mixed bags across crypto as markets wait for 'Uptober' to wake up

THE cryptocurrency markets are showing mixed movements this morning as the price of Bitcoin hovers around $64,000 after dipping from $66,000 over the weekend.

Ethereum has followed a similar path, with a few coins posting deeper losses. However, some cryptos like Near, Fantom, and Uni have bucked the trend, each rising by over 3% in the last 24 hours.

Bitcoin's trading volume surged more than 60% overnight, highlighting the ongoing choppiness in the market, while the Fear and Greed Index remains in 'Neutral'. Even with Bitcoin’s price up by about 10% over 30 days this Index hasn’t reflected 'Greed' in the markets since the end of July, when BTC was priced around $69,000. 

External factors in the greater financial markets could also be at play, say analysts. Japan’s Nikkei index slid yesterday after news broke that monetary policy hawk Shigeru Ishiba is set to become Japan's next prime minister. Meanwhile, Jerome Powell signalled that future US rate cuts might not be as aggressive, stating during a QA, “This is not a committee that feels like it’s in a hurry to cut rates quickly”.

‍

In the Markets

Total crypto market cap

$2.26 trillion (-0.66%)

‍

What Bitcoin did yesterday

Daily high $65,607 |  Daily low $62,901

‍

Bitcoin market capitalisation

$1.26 trillion (57.17% of market)

‍

Bitcoin 24-hour trading volume

$35.7 billion (+65%)

‍

SP500

+0.42%

‍

Fear and Greed Index

50 (Neutral) 

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)

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.

‍