Wednesday 7 April 2021 11:00 am

Alts hog limelight ahead of Coinbase listing

Crypto at a glance

Is Bitcoin getting boring? The leading cryptocurrency certainly seems to be getting comfortable at the moment, making itself at home at just below $60k.

There will be many out there who are grateful for a bit of a breather, happy to see the leading cryptocurrency consolidate and build support.

Bitcoin has now been trading sideways in that narrow corridor between $56k and $60k for over a week. Can it now use this level as a springboard?

Fortunately, there’s still excitement aplenty in the alt markets for all the thrillseekers out there. Ethereum has now held above $2,000 for five days in a row, while XRP continues to look strong and is now up 75 per cent over the last seven days, rising to over a dollar yesterday.

Fellow old favourites Litecoin and Bitcoin Cash are also still performing well, both up around 20 per cent this week. Binance Coin is also making new all-time highs, popping above $400 for the first time

All eyes are now on the Coinbase IPO next week, with the public listing both a key milestone for the company and for the crypto industry as a whole.

Yesterday, Coinbase announced its 2021 first quarter earnings, revealing profits of between $730 million and $800 million on revenue of approximately $1.8 billion. The profits make it rare among recent tech giants such as Uber as having actually made money, but will its IPO match expectations?

Meanwhile, one to watch out for is Boson Protocol, founded by Justin Banon of Priority Pass fame whose public sale went live for whitelisted applicants today.

Read More: https://www.cityam.com/using-physics-and-theories-to-navigate-the-complex-world-of-dcommerce/

They have the ambitious task of building a protocol for Decentralised Autonomous Commerce, or ‘dCommerce’, as they call it. Tackling a $30t industry to make a fairer and more equitable way of doing commerce for the world, they utilise stateful NFTs and game theory to incentivise good behaviours and happy transactions, reducing the need for arbitration.

All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻

In the markets

The Bitcoin economy

*Definitions and insights can be found at https://bytetree.com/insights/

Total crypto market cap

The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,957,412,306,515, down from $1,983,169,763,957 yesterday.

What Bitcoin did yesterday

We closed yesterday, April 6 2021, at a price of $58,192.36 – down from $59,057.88the day before.

The daily high yesterday was $59,479.58 and the daily low was $57,646.81.

This time last year, the price of Bitcoin closed the day at $7,271.78. In 2019, it closed at $5,059.82.

Bitcoin market capitalisation

Bitcoin’s market capitalisation is $1.080 trillion at time of writing, down from $1.096.61 trillion yesterday. To put that into context, the market cap of gold is $11.066 trillion and silver is $1.376 trillion.

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $69,942,635,501. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.

Volatility

The price volatility of Bitcoin over the last 30 days is 50.94%.

Fear and Greed Index

Market sentiment remains in Greed at 72.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 56.81. Its lowest ever recorded dominance was 37.09 on January 8 2018.

Relative Strength Index (RSI)

The daily RSI is currently 56.82. 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.

Convince your Nan: Soundbite of the day

“Bitcoin has this great set of embedded values and this commitment to genuine decentralization, and genuine distribution of governance, such that no one individual or entity can co-opt or change the network. And it has this extreme resilience and robustness and this unwillingness to change or be changed by anyone.”

Nic Carter, general partner at Castle Island Ventures

What they said yesterday

Bitcoin fixes this…

Innovating…

Ready to pop…

Any new Kings fans out there?

Crypto AM Editor writes

Bitcoin supply could struggle to meet demand as miners hodl…

Bitcoin mining - image by WorldSpectrum from Pixabay

Ethereum on a roll as it keeps racking up all time highs…

Ziglu makes Tezos and digital coin Tez available to customers…

General Motors could be the next big car manufacturer to accept Bitcoin…

Crypto AM: Longer Reads

City AM Markets: What is Decentralised Finance (DeFi) by Aave

Crypto AM: Conversation with James Bowater

Crypto AM: Market View in association with Ziglu

Crypto AM: Technically Speaking in association with Zumo

Crypto AM: A Trader’s View with TMG

Crypto AM: Mixing in the Metaverse with Dr Chris Kacher

Crypto AM: Talking Legal

Crypto AM: Spotlight

Crypto AM: Founders Series

Crypto AM: Industry Voices

Crypto AM: Tiptoe through the Crypto with Monty Munford

Crypto AM: Definitively DeFi

Crypto AM Parliamentary Special Five Part Series

March 2021

Part Five

Part Four…

Part Three…

Part Two…

Part One…

Crypto AM: Recommended Events

Global Technology Governance Summit

April 6 to 7 2021 – Tokyo

https://www.weforum.org/events/global-technology-governance-summit-2021

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.

All information is correct as of 08:30am GMT.

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