Time out! Bitcoin and co take a breather after a day of robust upward movement

BITCOIN and Ethereum remain virtually unmoved since the short-lived rally on Wednesday, but a few of the younger cryptocurrencies still seem to have a bit left in the tank.

Already this morning Solana is up another 3% since yesterday, while Cardano, Avalanche, and Polkadot are in the positive, each by more than 4%. Notably, Chainlink is up 16% overnight.

Bitcoin trading volumes have dropped roughly 30% since yesterday, which saw a flurry of transactions after the latest US inflation numbers came in cooler than expected.

In other news, the state of Wisconsin recently disclosed investments in Bitcoin exchange-traded funds amounting to almost $100 million. 

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In the Markets

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Total crypto market cap

$2.4 trillion (+0.48%)

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What Bitcoin did yesterday

Daily high $66,643 |  Daily low $64,623.3

Bitcoin market capitalisation

$1.303 trillion (+6.74%)

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Bitcoin volume

$31 billion (-27.43%)

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CoinDesk Large Cap Select Index 

1.45%

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

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

55.78

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)

60

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.