Crypto markets broadly gave up a large chunk of yesterday’s gains as investors took profits following Bitcoin’s new high of roughly $122,800. The Relative Strength Index (RSI) hit above 80 yesterday, well beyond the 70 level that typically signals an overbought market, foreshadowing potential volatility. Today, the RSI has swung to 25, with 30 usually marking an oversold position, signalling a wild shift in sentiment. Despite the sizeable overnight dip, Bitcoin and others down 4% or more, it’s worth taking a step back to assess the broader impact of this latest rally.

Even just looking at the top three crypto assets by market cap: Bitcoin is up over 7% for the week, Ethereum (ETH) has added more than 16%, and XRP (XRP) has rallied over 25%. The gains are even more striking over the past 30 days.