Crypto markets in recovery mode as Bitcoin looks for support above $59,000

THE price of Bitcoin is up 2.4%, while Ethereum is up 1.4% over 24 hours. Solana and Bitcoin Cash are among the big movers on the day, both in the positive by more than 4% overnight. 

The CoinDesk Large Cap Select Index, a general proxy for the performance of large-cap cryptos, is up by 2.2% over 24 hours. 

As crypto markets see a slight uptick in positive sentiment, JPMorgan said in a recent note it remains cautious as industry headwinds remain in place, notably the price of Bitcoin versus gold and subdued venture capital investment into the industry.

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In the Markets

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Total crypto market cap

$2.21 trillion (+2.25%)

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What Bitcoin did yesterday

Daily high $59,548 |  Daily low $56,989

Bitcoin market capitalisation

$1.17 trillion (+2.63%)

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Bitcoin volume

$29.6 billion (-31.23%)

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CoinDesk Large Cap Select Index 

+2.18%

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

+0.91%

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Fear and Greed Index

49 (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

54.24

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)

44.10

Values of 70 of 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.