BITCOIN is holding steady, but the action is in altcoins today. Fantom (FTM), Aave (AAVE), and Polkadot (DOT) have posted solid gains over the past 24 hours, while Ethereum (ETH) has outperformed BTC with a 2% jump.
Meanwhile, Bitcoin’s trading volume across exchanges has dropped about 30% in the last day, a possible sign that investors might be waiting for a clearer market signal before making their next move.
The market leader has spent most of the past week consolidating above $100,000, hitting a high of around $106,000 yesterday.
All eyes today are on the latest Personal Consumption Expenditures Price Index (PCE) data out of the US - a key inflation gauge the Federal Reserve watches closely.
The report follows the Fed’s decision earlier this week to hold rates steady, with Chair Jerome Powell hinting that cuts could still be on the table, if inflation shows clear signs of cooling again.
The total cryptocurrency market capitalization stands at approximately $2.08 trillion, a 2.2% increase over the past 24 hours.
The S&P 500 index has seen a modest uptick, currently at 605.04, up by 0.53% from the previous close.
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The Crypto Fear and Greed Index is currently in the 'Neutral' zone, indicating a balanced sentiment among investors.
The 14-day RSI for Bitcoin is at 58.79, suggesting that the asset is neither overbought nor oversold at this time.
These metrics provide a snapshot of the current market conditions, reflecting a period of consolidation and cautious optimism among investors.
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.