Crypto markets start the week in the red

MOST cryptocurrencies are in the red today. Bitcoin is down by 2.3% over 24 hours, while Ethereum has retraced by 3.9% over the same timeframe. 

As is often the case, price movements in the so-called altcoin markets are more pronounced. Solana is down more than 5%, Cardano has dipped by 5%, while Polkadot is in the red by the same amount. 

Some analysts have pointed to macro-economic factors for the sliding of sentiment, particularly a combination of persistent high inflation and negative economic growth in many of the largest economies in the world. 

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In the Markets

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Total crypto market cap

$2.31 trillion (-3.04%)

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What Bitcoin did yesterday

Daily high $64,346 |  Daily low $62,827

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Bitcoin market capitalisation

$1.22 trillion (-2.35%)

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Bitcoin volume

$20.738 billion (+18%)

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CoinDesk Large Cap Select Index 

-1.31%

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

-1.02%

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Fear and Greed Index

57 (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

54.59

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)

47.05

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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