Bitcoin and most large-caps rally as BTC ETF decision deadline stirs markets
THE Bitcoin price is up more than 7% overnight as it tested the $47,000 level, last seen in December 2021, before settling around $46,700.
Ethereum has followed and is up around 4%, while next-gen cryptos like Solana (14%) and Cardano (9%) have resumed their upward price movements. Avalanche (13%) and Polkadot (7%) are also in the same conversation.
The market-wide rally is reflected in the market cap of the entire crypto industry, which is up more than 6% over 24 hours.
The Securities and Exchange Commission is expected to make a decision in the coming days on whether to allow Bitcoin ETFs in the US. Many analysts believe this will open the way for institutional investment into this new asset class.
In the Markets
Total crypto market cap
🔵 $1.72 trillion
🔺 5.36%
What Bitcoin did yesterday
🔺 Daily high $47,196
🔻 Daily low $43,251
Bitcoin market capitalisation
🟠 BTC $915.828 billion
🟡 Gold $13.684 trillion
♾️ Meta $921.7 billion
Bitcoin volume
Total spot trading volume $41.574 billion
🔺 78%
Ethereum staking entry queue
7 hours 11 minutes
SP500
🔺 1.41%
FTSE/JSE Top 40
🔻0.59%
Fear and Greed Index
Bitcoin’s market dominance
54.54
Relative Strength Index (RSI)
64.59
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.