Prices drift as inflation concerns continue

CRYPTO markets continue to drift following volatility over the weekend. Bitcoin is trading for roughly $63,300 this morning, while Ethereum is priced just above $3,000. Both number one and two by market cap are flat over 24 hours. 

The Fear and Greed Index is reflecting the market inaction, currently sitting at 60, a marked drop from 90 during the height of the Bitcoin rally last month. 

Signs of rate cuts being postponed continue to dampen the mood among investors. Jerome Powell yesterday said there was a “lack of further progress” on bringing down inflation.  

In the Markets

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Total crypto market cap

$2.31 trillion (-0.1%)

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What Bitcoin did yesterday

Daily high $64,451 |  Daily low $63,248

Bitcoin market capitalisation

$1.25 trillion (+0.18%)

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Bitcoin volume

$38.79 billion (-11.5%)

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CoinDesk Large Cap Select Index 

+0.02%

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

-0.21%

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Fear and Greed Index

60 (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

55.59

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)

61.95

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.