Bitcoin currently trading at highest levels since August
The price of Bitcoin was holding around $23,200 this morning after earlier hitting levels not seen since August 2022.
The leading crypto tickled the ceiling of $24,000 last night before posting a daily high of $23,919.
Ethereum, meanwhile, was trading for $1,585 this morning, up slightly over the last day. There seems to be a slight divergence forming between Bitcoin and Ethereum, as the original crypto has continued its growth over the week (2%), while Ethereum has slowed to post -2% over the same period.
The CoinDesk Large Cap Select Index, which tracks a handful of the largest coins by market cap, shows a slight decline of 1% in the greater market.
This week will be an important one for investors as they wait for the latest interest rate hike decision from the Fed. Analysts expect a gentler hike of 25 basis points (0.25%), a reprieve from the 75 and 50 basis point hikes of the past.
Yesterday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
*Data can be found at https://terminal.bytetree.com/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market this morning was $1.071 trillion.
What Bitcoin did yesterday
We closed yesterday, January 29, at a price of $23,774. The daily high yesterday was $23,919, and the daily low was $22,985.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $458.291 billion. To put it into context, the market cap of gold is $12.79 trillion and Tesla is $561.76 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $27.423 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 35.55%.
Fear and Greed Index
Market sentiment today is 61, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.54. Its lowest ever recorded dominance was 37.09 on 1 January 2018.
Relative Strength Index (RSI)
The daily RSI is currently 78.92. 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 fam: Soundbite of the day
“There will be a competition of moneys, and #Bitcoin is a part of that competition. I look at it as an alternative gold.”
Ray Dalio, billionaire investor
What they said yesterday
Happy new year…
On Bitcoin, everyone abides by the same rules…
Hype goes both ways…
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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: In Conversation with James Bowater
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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