Red mist begins to lift as crypto sell-off sees some green candles emerging

THE sell-off in crypto markets seems to have eased overnight, with many large-cap cryptocurrencies either trading sideways or inching into the green over the past 24 hours.

Bitcoin is holding steady around $57,400, while Ethereum is up by almost 1% at $3,080, with both moving laterally in price for now.

The Fear and Greed Index has ticked up one point to 37, still in Fear but slightly less so than yesterday.

Bitcoin Cash recorded a 24-hour green candle following a deep sell-off, which analysts attribute to uncertainty around the Mt Gox repayments. Despite the industry's uncertainty, some analysts see positive risk-on indications from the broader financial markets.

In the Markets

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Total crypto market cap

$2.12 trillion (+0.3%)

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What Bitcoin did yesterday

Daily high $58,394 |  Daily low $54,320

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Bitcoin market capitalisation

$1.13 trillion (-0.28%)

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Bitcoin volume

$33.47 billion (+10.9%)

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CoinDesk Large Cap Select Index 

+0.83%

The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies and gives a general indication of the overall performance of the crypto market. 

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SP500

+0.1%

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Fear and Greed Index

37 (Fear) 

The Fear and Greed Index measures volatility, market momentum/ volume, social media, surveys, dominance, and Google search trends to gauge market sentiment.

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Bitcoin’s market dominance

54.7

The Bitcoin Market Dominance indicator measures the percentage of total cryptocurrency market capitalisation represented by Bitcoin at a given time.

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Bitcoin Relative Strength Index (RSI)

47.32

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.

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Post Script…

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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. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.

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