Markets claw back some ground following curious sell off

THE price of Bitcoin dipped to a low of around $64,000 before regaining some ground to currently trade at $66,550. Ethereum is down a further 1.5% overnight, with most of the large-caps following a similar pattern. Solana is the exception, gaining more than 3% over 24 hours. 

The Fear and Greed Index has calmed somewhat to reflect some residual greed in the markets. Strange as it sounds, the level on the Index has abated after sitting firmly in “Extreme Greed” for some time. 

Analysts point to investor unease around a concoction of uncertainty surrounding interest rate cuts from the Fed, a strong Dollar, and the upcoming Bitcoin halving for the pullback. 

In the Markets

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Total crypto market cap

$2.5 trillion (-0.6%)

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What Bitcoin did yesterday

Daily high $66,461 |  Daily low $64,559

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Bitcoin market capitalisation

$1.3 trillion (-0.54%)

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Bitcoin volume

$45.41 billion (+11.81%)

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CoinDesk Large Cap Select Index 

+5.76%

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

+0.72%

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Fear and Greed Index

71 (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

53.80

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)

52.14

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.