Algorand leading the charge as crypto markets turn green

THE price of Algorand has rallied by more than 20% overnight as many cryptocurrencies are positively in the green this morning.

The price of Bitcoin is up marginally by 0.9% while Ethereum has risen by more than 3%. 

While most cryptocurrencies have posted a 24-hour uplift, Cardano has yet to wake up today, down nearly 4% at $0.49.

In traditional markets, there’s some renewed pep in US stocks following yesterday’s buoyant quarterly results by top-tier companies such as Tesla. Will this positive sentiment filter through to crypto markets? 

In the Markets

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Total crypto market cap

$2.45 trillion (-0.33%)

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What Bitcoin did yesterday

Daily high $67,180 |  Daily low $65,848

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Bitcoin market capitalisation

$1.32 trillion (+0.75%)

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Bitcoin volume

$24.09 billion (-2.60%)

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CoinDesk Large Cap Select Index 

-0.81%

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

+1.2%

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Fear and Greed Index

64 (Greed) 

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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

54.84

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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)

49.86

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.