Major 24-hour gains as crypto markets rally

MOST crypto markets are green in a big way this morning. The price of Bitcoin is up by 6.8% overnight, while Ethereum has added 3.7% to its price. 

Other notable movers are Solana (+13%) and Avalanche (+6%), with many other cryptos following a similar upward trend.

This is reflected in the CoinDesk Large Cap Select Index, containing a handful of large-caps, which is up more than 6% over 24 hours. The Fear and Greed Index has also pushed into “Greed” after drifting in “Neutral” for a few weeks. 

In financial news, yesterday’s inflation numbers from the US came in lower than expected, strengthening the case for the Federal Reserve Bank to possibly lower interest rates later this year, say the analysts. 

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In the Markets

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Total crypto market cap

$2.39 trillion (+5.87%)

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What Bitcoin did yesterday

Daily high $66,643 |  Daily low $65,675

Bitcoin market capitalisation

$1.31 trillion (+6.74%)

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Bitcoin volume

$42.98 billion (+77.8%)

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CoinDesk Large Cap Select Index 

+6.76%

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

+1.17%

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Fear and Greed Index

61 (Greed) 

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

56.04

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)

66.06

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.