The crypto markets look stable again this morning, with Bitcoin continuing to hold above $44k and Ethereum above $3,100 – up one per cent and 3.45 per cent respectively over the past 24 hours. The increase comes as wider financial markets also saw an uptick after Russia appeared to take a baby step back from invading Ukraine.
This time last week, the Fear and Greed Index briefly visited the greed territory for the first time in four months. It has since snapped back into the ‘Neutral’ area as geopolitical and macro uncertainty affect risk sentiment in the broader financial markets, but it’s still looking more positive than CNN’s Fear & Greed Index for the stock market which is sitting closer to ‘Extreme Fear’. Will we see greater correlation if the geopolitical uncertainty dies down?
Elsewhere, Avalanche (AVAX) is the standout performer among the major cryptocurrencies today. It’s up around eight per cent over the past 24 hours. Meme coins Doge and Shiba are looking weaker, with both finding themselves in the red, marring an otherwise distinctly green hue to the boards this morning.
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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/insights/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1.984 trillion, up from $1.946 trillion yesterday.
What Bitcoin did yesterday
We closed yesterday, February 15 2022, at a price of $44,575.20, up from $42,586.92 yesterday. The daily high yesterday was $44,667.22 and the daily low was $42,491.03.
This time last year, the price of Bitcoin closed the day at $49,199.87. In 2020, it closed at $9,934.43.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $836.34 billion. To put it into context, the market cap of gold is $11.794 trillion and Tesla is $936.26 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $22.138 billion, down from $22.791 billion yesterday. 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 63.04%.
Fear and Greed Index
Market sentiment today is 51, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.99. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 59.54. 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
“We’re having conversations all the time. As the exchange mechanism becomes less expensive and becomes more environmentally friendly, I think you will see us leaning into crypto a little bit more.”
Uber CEO Dara Khosrowshahi
What they said yesterday
We see you, Mr. Buffet 😉
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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