Volatility still owns the markets as Bitcoin halving draws closer

MARKETS are mostly down this morning, with Bitcoin dropping by 3%, briefly dipping below $60,000 overnight before finding support to trade at $61,400 this morning. 

Ethereum is following a similar trading pattern. As is often the case, the younger generation of cryptos are seeing deeper drawdowns. Solana is in the red by more than 6%, and Polygon is down by more than 5%. The exception today is Bitcoin Cash, which is marginally in the green by less than a percentage point. 

The Bitcoin halving is expected to happen in roughly 40 hours.

‍

In the Markets

‍

Total crypto market cap

$2.22 trillion (-3.78%)

‍

What Bitcoin did yesterday

Daily high $64,451 |  Daily low $59,820

‍

Bitcoin market capitalisation

$1.2 trillion (-3.8%)

‍

Bitcoin volume

$42 billion (+8%)

‍

CoinDesk Large Cap Select Index 

-3.86%

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

-0.58%

‍

Fear and Greed Index

55 (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

55.45

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

‍

Relative Strength Index (RSI)

59.74

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.