The prices of Bitcoin and Ethereum have inched higher since yesterday’s cool down in the markets, following a mini-breakout earlier this week.
Bitcoin is changing hands just north of $19,000, up more than two per cent on the day, while Ethereum is trading for around $1,300 this morning, up by more than three per cent from yesterday.
The rest of the cryptocurrency markets are also mostly in the green today, with Uniswap, Cardano and Solana showing upward price movements over the last 24 hours. It seems that cryptocurrency markets are back in step with equities, with the Nasdaq, S&P 500 and Dow Jones all showing flickers of positive movement.
This while the Bank of England announced yesterday it would step in and buy UK government bonds to restore confidence in the UK economy, as the pound slumps to new lows against the US Dollar. Will volatility in traditional markets push investors to consider Bitcoin and other digital assets?
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Yesterday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
*Definitions and insights can be found at https://bytetree.com/research
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $934.564 billion.
What Bitcoin did yesterday
We closed yesterday, September 28 2022, at a price of $19,104.62. The daily high yesterday was $19,688.34 and the daily low was $18,553.30.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $370.37 billion. To put it into context, the market cap of gold is $10.892 trillion and Tesla is $895.37 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $49.378 billion. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.
The price volatility of Bitcoin over the last 30 days is 46.48%.
Fear and Greed Index
Market sentiment today is 22, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.25. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 54.21. 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
“[The project]’ will enable the communications and movement of tokens between a number of different institutions.”
Sergey Nazarov, CEO of Chainlink, on the network’s partnership with global banking messenger platform SWIFT
What they said yesterday
Keep building, together…
Chipotle was in on the action…
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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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Crypto AM: Events
For those of you who missed the Crypto AM DeFi & Digital Inclusion online summit 2021 – you can now watch the event in two parts via YouTube
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 08:00 BST