Markets consolidate following yesterday's 'pulse'

May 22, 2024
James Bowater

ETHEREUM continues to post gains while many other cryptocurrencies consolidate after yesterday’s price rally.

Bitcoin has dipped below $70,000, down by 1.7% over the past 24 hours, although several of yesterday’s top performers remain in the positive. The intensity of yesterday’s trading has eased, as evidenced by a 22% drop in Bitcoin trading volumes over the last day.

The Fear and Greed Index remains in the "Greed" territory, even as the market cools down.

In other news, today is 'Bitcoin Pizza Day', celebrated on May 22. This marks the anniversary of the day in 2010 when computer programmer Laszlo Hanyecz famously bought two Papa John’s pizzas for 10,000 Bitcoin, worth about $41 at the time. 

Today, 10,000 Bitcoin would be worth almost $700,000,000.

In the Markets

Total crypto market cap

$2.60 trillion (+0.29%)

What Bitcoin did yesterday

Daily high $71,872|  Daily low $69,181

Bitcoin market capitalisation

$1.37 trillion (-1.89%)

Bitcoin volume

$39.98 billion (-22.91%)

CoinDesk Large Cap Select Index 

+1.16%

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. 

SP500

+0.09%

Fear and Greed Index

70 (Greed) 

The Fear and Greed Index measures volatility, market momentum/ volume, social media, surveys, dominance, and Google search trends to gauge market sentiment.

Bitcoin’s market dominance

54.40

The Bitcoin Market Dominance indicator measures the percentage of total cryptocurrency market capitalisation represented by Bitcoin at a given time.

BTC Relative Strength Index (RSI)

48.72

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.

Post Script…

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.