Bitcoin and Ethereum continue to trend upward on fresh investor optimism
Bitcoin is inching its way closer to $27,000 as it trades around the $26.8k level this morning. Ethereum’s Ether (ETH) and many other digital assets are also trending upward, buoyed by the big news that BlackRock is looking to list a Bitcoin ETF in the US.
There’s a divergence forming between Bitcoin and Ether, as the market leader is now up 2.7% over the week while ETH is down 1.9%.
A few of the third-gen cryptos hit hard by the SEC’s announcements are also in the green. SOL (Solana) is up more than 3%, MATIC (Polygon) has gained 1.5%, while AVAX (Avalanche) has lifted in price by 1%.
Commentators note a sense of fresh investor optimism in a market that continues to be vulnerable as uncertainty around inflation in the greater economy and regulatory pressures in the industry continue.
Yesterday’s Crypto AM Daily
In the Markets
The Bitcoin Economy
*Data can be found at https://terminal.bytetree.com/
🌅Total crypto market cap
🔵 $1.073 billion
What Bitcoin did yesterday
🌄Closed $26,851
🔺Daily high $26,984
🔻Daily low $26,312
Bitcoin market capitalisation
🟠BTC $520.479 billion
🟡Gold $12.986 trillion
💳Visa $479.42 billion.
Bitcoin volume
Total spot trading volume $14.810 billion
Fear and Greed Index
Bitcoin’s market dominance
📊 50.09
Relative Strength Index (RSI)
💪 48.47
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.
What they said yesterday
“Volatility, volumes, and realised values are at multi-year lows, indicating that Bitcoin investor apathy is firmly in play. However, under the surface, hodlers continue their classic slow and steady accumulation, with the halving now less than 1 year away.”
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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. City PM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.