Bitcoin and Ethereum lead the way as most cryptocurrencies see green ahead of CPI figures
Bitcoin and Ethereum are inching upwards, both gaining more than 1% this morning, while the rest of the crypto markets also reflect investor optimism.
SOL (Solana) is up 6% while MATIC (Polygon) has rallied by 9% overnight. Cardano is up 3%.
Investors will be keeping a close eye on consumer price index (CPI) numbers and jobless to be released later this week, which will give some insight into the Fed’s next move with rate hikes.
Yesterday’s Crypto AM Daily
In the Markets
The Bitcoin Economy
*Data can be found at https://terminal.bytetree.com/
🌅Total crypto market cap
🔵 $1.19 trillion
What Bitcoin did yesterday
🌄 Closed $30,414
🔺 Daily high $31,026
🔻 Daily low $29,985
Bitcoin market capitalisation
🟠 BTC $592,861 billion
🟡 Gold $12.812 trillion
💳 Visa $498.8 billion
Bitcoin volume
🪣 Total spot trading volume $15.026 billion
SP500
🌅 24hrs +0.24%
Fear and Greed Index
Bitcoin’s market dominance
📊 51.52
Relative Strength Index (RSI)
💪 56
What they said yesterday
“Crypto has withstood a staggering 525 basis points of federal reserve hiking and is on the other side of one of the nastiest deleveragings in financial history. The market expects one more hike with 95% certainty, and then that the Fed will be done. The Fed’s dot plot implies rate headwinds will become tailwinds in 2024 and 2025. 2019 is uncannily similar to 2023’s trajectory.” – Vance Spencer, co-founder of Hi-Framework
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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.