Solana showing momentum as Bitcoin and Ethereum struggle to get moving

THE price of Solana is up another 4% since yesterday, one of the only cryptos to post a green candle this morning after yesterday’s push in prices. The smart contracts crypto is up 14% over seven days.

Bitcoin’s rise in price has since stalled, seeing the market leader down by 0.76 over 24 hours, while Ethereum is deeper in the red, currently down by 2.9% over the same timeframe. 

Most cryptos in the Luno stable are in the red this morning, following a short-lived push across the markets yesterday. Analysts say that the latest jobs numbers from the US, showing a cooling jobs market, may have had something to do with the improvement in sentiment.

On the other hand, the Securities and Exchange Commission (SEC), the US regulator, continues to apply pressure to the crypto industry through legal action. Read more below. 

In the Markets

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Total crypto market cap

$2.47 trillion (-1.3%)

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What Bitcoin did yesterday

Daily high $65,448 |  Daily low $62,730

Bitcoin market capitalisation

$1.26 trillion (-0.85%)

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Bitcoin volume

$30.5 billion (+66.51%)

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CoinDesk Large Cap Select Index 

+0.75%

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

+1.03%

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Fear and Greed Index

59 (Neutral) 

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

54.99

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)

53

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.