Upward momentum building across crypto markets

THE Fear and Greed Index has officially ticked into 'Greed' territory as Bitcoin rallies past $65,000 - a price level not seen since late July.

Meaningful support above this threshold has spurred optimism across the crypto markets, with altcoins like Dogecoin, Jasmy, Shiba Inu, Fantom, and Uni following suit with impressive rallies. Avax and Cardano are also making strides. 

Some say Bitcoin’s surge may be linked to institutional developments, particularly the SEC's green light for BNY Mellon to custody Bitcoin and Ether on behalf of clients, a decision that signals growing mainstream acceptance of crypto assets.

This, coupled with ongoing economic stimulus from both the US and China, may be contributing to the market optimism. Bitcoin ETFs are seeing renewed inflows as investors flock to capture gains from the recent price spike. 

Could this rally be the start of a new altcoin season? Crypto investors will be closely watching whether this is a fleeting price bounce or the beginning of something bigger.

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In the Markets

Total crypto market cap

$2.29 trillion (+3.11%)

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What Bitcoin did yesterday

Daily high $65,770 |  Daily low $62,693

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Bitcoin market capitalisation

$1.29 trillion (57.4% of market)

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Bitcoin 24-hour trading volume

$37.2 billion (+49.5%)

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SP500

+0.4%

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Fear and Greed Index

61 (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 Relative Strength Index (RSI)

63.9

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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