Cooling crypto markets see Bitcoin and Ethereum retrace
Bitcoin is down more than 3% on the day while Ethereum, in the red by 3.8%, is following the same pattern. Many other large-caps are also in the negative at the time of writing, with the exception of Avalanche, which has gained more than 8% overnight.
The Relative Strength Index (RSI) has dropped significantly from above 70 to 56, reflecting the pullback in many crypto markets this morning.
Yesterday’s Crypto AM Daily
In the Markets
The Bitcoin Economy
*Data can be found at https://terminal.bytetree.com/
Total crypto market cap
🔵 $1.37 trillion
🔻 2.09%
What Bitcoin did yesterday
🔺 Daily high $36,744
🔻 Daily low $34,984
Bitcoin market capitalisation
🟠 BTC $698.566 billion
🟡 Gold $13.037 trillion
💳 Visa $510.88 billion
Bitcoin volume
Total spot trading volume $24.14 billion
🔺 31.32%
Ethereum staking entry queue
59 minutes
SP500
🔺 1.91%
FTSE/JSE Top 40
🔺1.78%
Fear and Greed Index
Bitcoin’s market dominance
51.87
Relative Strength Index (RSI)
56.10
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
“Much like Bitcoin, a spot ETF approval for ETH would also signal a positive stance by regulators and the US government towards Ethereum.”
Adam Blumberg, co-founder at Interaxis
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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.