Bitcoin rally takes a breather
Bitcoin is trading for $33,839, down in price by 0.3% in the last 24 hours.
The Ethereum rally seems to also have slowed, with the smart contracts crypto giving up 2.2% of its gains and trading for $1,767 this morning.
As the green candles shorten and the rally subsides, the entire crypto market cap sits at $1.25 trillion, up from $1.09 trillion a week ago.
Solana (SOL) has surged 29% over the last seven days, followed by Cardano (ADA) up 13%, and Chainlink (LINK) in the green by 48%. Polygon (MATIC) has gained 19% over the same timeframe, while many other cryptos have followed a similar trajectory.
Analysts say the rally in BTC and other markets was led, in part, by anticipation around the approval of a BlackRock BTC spot ETF, especially when the ticker for the ETF was spotted on the platform that provides clearing, settlement, and record-keeping services for securities transactions in the US. It turns out the ticker has been there since August.
Yesterday’s Crypto AM Daily
In the Markets
The Bitcoin Economy
*Data can be found at https://terminal.bytetree.com/
🌅Total crypto market cap
🔵 $1.25 trillion
🔺 0.39%
What Bitcoin did yesterday
🔺 Daily high $35,191
🔻 Daily low $32,866
Bitcoin market capitalisation
🟠 BTC $666.049 billion
🟡 Gold $13.084 trillion
💳 Visa $481.53 billion
Bitcoin volume
🪣 Total spot trading volume $32.78 billion
🔻 31.55%
Ethereum staking entry queue
💎1 hour 36 minutes
SP500
🔺 0.73%
FTSE/JSE Top 40
🔺 0.96%
Fear and Greed Index
Bitcoin’s market dominance
📊 54.15
Relative Strength Index (RSI)
💪 88
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
Crypto AM: Editor’s picks
FCA’s new crypto advertising rules met with mixed industry response
ChatGPT urges crypto conference panel not to become over-reliant on AI
Mt. Gox customers will have to wait until November to recover lost Bitcoin funds
Sam Bankman-Fried: A tissue of lies soaked with fake tears?
Three-in-four wealth managers are gearing up for more cryptocurrency exposure
Crypto.com granted FCA licence to operate in UK
Q&A with Duncan Coutts, Principal Technical Architect at IO Global
Jamie Bartlett – on the trail of the missing ‘Cryptoqueen’
MPs are falling silent over potential of cryptocurrency
Erica’s ‘Crypto Wars’ handed honours in Business Book Awards
Crypto AM: Features
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: Contributors
Crypto AM: In Conversation with James Bowater
Crypto AM: Tomorrow’s Money with Gavin S Brown
Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
Crypto AM: Visions of the Future, Past & Present with Alex Lightman
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry
Crypto on the catwalk
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. Morning Wire, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.