Bitcoin and Ethereum prices rise as crypto markets turn green
Red candles are a scarcity in crypto markets today. Bitcoin is trading back above $27,000 for the first time since the sell-off a few weeks ago, while Ethereum has followed and is changing hands for around $1.7k.
Bitcoin Cash is up a notable 14%, while third-generation cryptocurrencies like AVAX (+1.9%), ADA (1%) and SOL (6.4%) are all in varying shades of green.
The crypto rally follows a court’s ruling that the Securities and Exchange Commission (SEC) in the US was wrong to reject the Bitcoin ETF application brought last year by crypto asset manager Grayscale Investments.
Total BTC spot trading volumes on exchanges around the world leaped 184% in the last 24 hours as investors reacted to the news.
Latest Crypto AM Daily
In the Markets
The Bitcoin Economy
*Data can be found at https://terminal.bytetree.com/
🌅Total crypto market cap
🔵 $1.09 trillion
🔺 4.26%
What Bitcoin did yesterday
🔺 Daily high $28,046
🔻 Daily low $25,919
Bitcoin market capitalisation
🟠 BTC $534.455 billion
🟡 Gold $12.953 trillion
💳 Visa $510.25 billion
Bitcoin volume
🪣 Total spot trading volume $31.02 billion
🔺 185%
SP500
🔺 1.45%
FTSE/JSE Top 40
🔺 0.54%
Fear and Greed Index
Bitcoin’s market dominance
📊 49.77
Relative Strength Index (RSI)
💪 50.82
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
“The denial of Grayscale’s proposal was arbitrary and capricious because the Commission failed to explain its different treatment of similar products,”
– court filing by the US District of Columbia Court of Appeals.
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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.