The swings and roundabouts of crypto trading on full display

BITCOIN is trading below the key level of $70,000 this morning, down by 1.2%, while Ethereum has pulled back by around 2%, trading in the upper reaches of $3,500. 

It’s a similar story across many other crypto markets, the majority seeing deeper dips than the market leaders. Maker counts among the few in the green today, if only by 1%. 

Will the upcoming Bitcoin halving bolster markets or introduce more volatility? It’s one to watch. 

In the Markets

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Total crypto market cap

$2.64 trillion (-0.58%)

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What Bitcoin did yesterday

Daily high $70,714 |  Daily low $69,670

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Bitcoin market capitalisation

$1.37 trillion (-1.1%)

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Bitcoin volume

$34.2 billion (-21.8%)

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CoinDesk Large Cap Select Index 

-2.02%

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

-0.28%

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Fear and Greed Index

82 (Extreme 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

53.87

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)

55

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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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.