Strong start to the week for crypto markets as Bitcoin holds above $63,000
BITCOIN gained more than 2% overnight, climbing above $63,600, with Ethereum following suit.
The broader crypto market is seeing similar strength. Near led the pack with a 9% surge, while Uni, Fantom, and Dogecoin also posted solid gains. The market capitalisation of the entire crypto space rose by more than 2%, signalling some optimism after a turbulent week.
On a 30-day basis, Bitcoin’s price is now up by more than 17%, having recovered from the dip seen a week ago.
In global economic news, Goldman Sachs has dialled down its forecast for a US recession to just 15% after Friday’s release of strong jobs data from the US. This could lead to a more conservative 0.25% interest rate cut from the Federal Reserve at its November meeting, the bank noted.
Investors are now focused on Thursday's inflation numbers, which could also impact the Fed’s next interest rate decision early in November.
In the Markets
Total crypto market cap
$2.21 trillion (+2.69%)
What Bitcoin did yesterday
Daily high $62,934 | Daily low $61,495
Bitcoin market capitalisation
$1.25 trillion (58% of market)
Bitcoin 24-hour trading volume
$19.9 billion (+61%)
SP500
+0.9%
Fear and Greed Index
41 (Fear)
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)
63
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.
