Bitcoin is in the green today after recovering from a slight dip following the Federal Reserve’s announcement yesterday of another 0.25% rate hike.
Ethereum (ETH) is also in the green this morning. This puts both number one and two by market cap back in positive territory over seven days. There are a few daily red candles scattered across the rest of the crypto markets, but the majority are being carried to greener pastures by the renewed optimism in the markets.
Analysts were expecting the Fed to raise rates. A statement by its chairman Jerome Powell and team notes the Reserve will take into account the cumulative tightening of monetary policy and how these policies impact the economy when making future decisions.
Some say this could spell the last hike in a tightening cycle that has seen nine rate hikes and a flurry of bank collapses. As Goldman Sachs said in a recent note: “By the time of the June meeting, we believe softness in the data and ongoing worries about the impact of constrained bank credit will probably be enough to deter further hikes.”
*Data can be found at https://terminal.bytetree.com/
The total capitalisation of the entire cryptocurrency market this morning was $1.195 billion.
We closed yesterday, May 3, at a price of $29,006. The daily high yesterday was $29,259, and the daily low was $28,178.
Bitcoin’s market capitalisation this morning was $562.992 billion. To put it into context, the market cap of gold is $13.467 trillion and Tesla is $509.05 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $19.390 billion.
Market sentiment today is 64, in Greed.
Bitcoin’s market dominance today is 48.46. Its lowest ever recorded dominance was 37.09 on January 1 2018.
The daily RSI is currently 51.57. 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 – an RSI reading of 30 or below indicates an oversold or undervalued condition.
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