Positive start for crypto as all eyes turn to Wednesday's Consumer Price Index numbers

BITCOIN and Ethereum are in the positive overnight while many other cryptos are down over 24 hours. It doesn’t give the whole picture, though, as price-wise the larger-caps are virtually in the same position as before the weekend. 

The Fear and Greed Index continues to hover in neutral, in what’s been a relatively quiet month in crypto markets, also reflected in the Relative Strength Index, which is sitting around 55 today, also in neutral territory between a strong buy and strong sell.  

With things quieting down on the crypto ETF front and macro-economic headwinds cooling risk-on markets, what will be the next market catalyst? 

Many investors will be tied to their screens on Wednesday when the latest Consumer Price Index (CPI) numbers are set for release. 

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In the Markets

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Total crypto market cap

$2.23 trillion (-1.17%)

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What Bitcoin did yesterday

Daily high $61,847 |  Daily low $60,647

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Bitcoin market capitalisation

$1.23 trillion (+2.51%)

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Bitcoin volume

$19.156 billion (+46%)

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CoinDesk Large Cap Select Index 

-3.8%

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

+0.16%

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Fear and Greed Index

52 (Neutral) 

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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

55.11

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)

55.25

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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Post Script…

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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.