Bitcoin's surge shows no sign of letting up as altcoins throw up green candles
THE crypto rally isn’t letting up. Bitcoin hit a record daily high of $89,800 yesterday, marking a remarkable 10% leap over 24 hours.
Not to be outdone, Dogecoin surged by 40% overnight, doubling its price in just seven days. Major coins across the market have likewise posted impressive gains, with the total crypto market cap crossing the $3 trillion mark.
The rally has sent the Fear and Greed Index firmly into 'Extreme Greed' territory, leading some analysts to caution that a pullback could be on the horizon after this week’s surge of euphoria.
Key highlights of the rally include Dogecoin flipping XRP to claim the seventh-largest market cap and Bitcoin trading volumes jumping more than 70% overnight, earning the crypto rally a headline spot on Bloomberg’s front page.
Where this rally goes from here is anyone's guess, but it's safe to say that crypto has certainly captured the attention.
In the Markets
🌦️The Data...
Total crypto market cap
$3.13 trillion (+7%)
What Bitcoin did yesterday
Daily high $81,792 | Daily low $89,864
Bitcoin market capitalisation
$1.76 trillion (58.87% of market)
Bitcoin 24-hour trading volume
$151.9 billion (+79%)
SP500
+0.09%
Fear and Greed Index
Extreme Greed
Source: Coinmarketcap
The Fear and Greed Index measures volatility, market momentum/ volume, social media, surveys, dominance, and Google search trends to gauge market sentiment.
Bitcoin Relative Strength Index (RSI)
69.8
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.