Bitcoin and Ethereum dip as altcoins slip into the red

There are a few red candles creeping in this morning after weeks of sideways movement in the markets.
Bitcoin is sitting above $29.1k while Ethereum is trading around the $1.8k mark, both down by around 1% on the day. Altcoin markets have taken a bigger hit, with cryptos like ADA (Cardano) in the red by 3% and SOL (Solana) down by 6%.
Analysts say the sell-off may be due to inflation jitters as the US economy shows strong GDP growth, dampening prospects of the Fed ending its rate hiking.
Yesterday’s Crypto AM Daily
In the Markets
The Bitcoin Economy
*Data can be found at https://terminal.bytetree.com/
🌅Total crypto market cap
🔵 $1.15 trillion
🔻 1.53%
What Bitcoin did yesterday
🔺 Daily high $29,449
🔻 Daily low $29,343
Bitcoin market capitalisation
🟠 BTC $566.909 billion
🟡 Gold $12.777 trillion
💳 Visa $502.29 billion
Bitcoin volume
🪣 Total spot trading volume $13.492 billion
🔺 9.48%
SP500
🔻 1.16%
Fear and Greed Index
Bitcoin’s market dominance
📊 50.58
Relative Strength Index (RSI)
💪 44.23
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
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All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻
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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. City AM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.