Bitcoin and Ethereum resilient as altcoins stumble
The so-called crypto winter continues to cool down cryptocurrency markets with little price movements, especially for established cryptocurrencies, in the last few days.
Bitcoin is trading around $19,000 this morning, down 0.68% from yesterday. Ethereum is down 1.55% on the day, changing hands for $1,277. The two largest cryptocurrencies by market cap are holding steady compared to other cryptocurrencies such as Uniswap and Chainlink, which are well in the red today, down 7.25% and 8% over respectively.
Traditional markets are also navigating similar territory, with the S&P 500 now having notched six successive days in the red. Today’s consumer price index (CPI) numbers to be released by the Fed will no doubt lead to investor action after what’s been a slow week, whether it’s bearish or bullish remains to be seen.
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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 $903.829 billion.
What Bitcoin did yesterday
We closed yesterday, 12 October 2022, at a price of $19,157.45. The daily high yesterday was $19,203.20 and the daily low was $19,029.76.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $364.85 billion. To put it into context, the market cap of gold is $11.076 trillion and Tesla is $675.83 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $25.528 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 36%.
Fear and Greed Index
Market sentiment today is 20, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.85. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 44.26. 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 is deliberately amoral, it has no requirements to entry and asks nothing of the user aside from a valid signature.”
Nic Carter, General Partner at Castle Island Ventures
What they said yesterday
To put things in perspective, Twitter has 400m users…
Keep it up…
What a steal…
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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