Bitcoin tops a yearly high and bags another key price level
Bitcoin’s price is up 2.8% overnight, pushing past another crucial level of $38,000 in the process. The market leader posted a yearly high at $38,360, yesterday.
Ethereum is up by 2.8%, further strengthening its position above $2,000.
Many of the large caps that were in the red yesterday have rebounded. Polygon, Cardano and Polkadot have all recorded gains of more than 2%, while Avalanche and Solana have both rallied by more than 8%.
The market cap of all cryptocurrencies combined has increased by 2.3% overnight.
Yesterday’s Crypto AM Daily
In the Markets
Total crypto market cap
🔵 $1.43 trillion
🔺 2.14%
What Bitcoin did yesterday
🔺 Daily high $38,379
🔻 Daily low $36,881
Bitcoin volume
Total spot trading volume $22.75 billion
🔺 21%
Ethereum staking entry queue
1 hour 8 minutes
SP500
🔺 0.09%
FTSE/JSE Top 40
🔻0.21%
Fear and Greed Index
Bitcoin’s market dominance
53.23
Relative Strength Index (RSI)
52
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
“Talk of ETF approval misses the forest for the trees. It’s not just about immediate reactions or flows. It’s about the recognition of $BTC as an institutional asset.”
Dylan LeClair, Analyst at UTXO Management
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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. Morning Wire, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.