SOL and LINK rally, as whispers of Solana and XRP circulate

CRYPTO markets are solidly in the green this morning, with Bitcoin (BTC) gaining 3% overnight to trade around $105,300 at the time of writing.

Trading volumes for BTC have surged, reflecting heightened investor interest. Ethereum (ETH) is outperforming its counterpart, up 5% today, while Solana (SOL) and Chainlink (LINK) lead the rally among the large-caps, each posting gains of over 7%.

On the regulatory front, rumours are swirling that the CME Group, a major US derivatives exchange, is exploring futures contracts for XRP and Solana, adding to its established lineup of Bitcoin and Ethereum products. Meanwhile, the US Securities and Exchange Commission (SEC) has rescinded Staff Accounting Bulletin 121, a controversial policy requiring companies holding digital assets for clients to record them as liabilities. The move, welcomed by SEC Commissioner Hester Peirce, could encourage more financial institutions to enter the crypto custody space, a boon for market sentiment.

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In the markets...

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🌦️The Data...

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Total crypto market cap

$3.62 trillion (+2.58%)

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What Bitcoin did yesterday

Daily high $106,732  |  Daily low $101,225

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Bitcoin market capitalisation

$2.08 trillion (+3.07%)

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Bitcoin 24-hour trading volume

$99.06 billion (+66%)

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SP500

+0.53

Fear and Greed Index

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 Relative Strength Index (RSI) (14)

60.5

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.

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