Bitcoin enjoys 12 consecutive days of positive growth for only second time in crypto history
The price of Bitcoin this morning sits at $20,815, marking a 20.65% increase in the last week. Ethereum has broken through $1,542 and is trading at $1,542, in the positive by 17% over seven days.
Most of crypto has rallied on news of last week’s softer inflation numbers, which analysts say could mean a gentler Fed approach in future interest rate hikes. Historically, low interest rates led to increased investor interest in riskier assets such as cryptocurrencies and stocks, which have also been basking in the glow of returned optimism, however long it may last.
Bitcoin clocked its longest run of consecutive days of growth in November 2013, ending the rally at 15 days. The latest rally of 12 days is the second-longest ever recorded. Will it continue?
Want to learn more about what’s going on in our global financial system and how Bitcoin fits in to it? Come to my next free webinar on January 18 at 6pm to find out, ask any questions, and grab some free Bitcoin*. Click here to register. (*18+, UK resident, new Luno users only)
Friday’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 at time of writing is currently $976.116 billion.
What Bitcoin did yesterday
We closed yesterday, January 15, at a price of $20,880. The daily high yesterday was $20,993, and the daily low was $20,606.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $399.96 billion. To put it into context, the market cap of gold is $12.639 trillion and Tesla is $386.5 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $23.360 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 31.77%.
Fear and Greed Index
Market sentiment today is 45, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.93. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 86.88. 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 mining is helping balance our grid and is driving more renewables into our system”
Brad Jones, Former CEO of the Electric Reliability Council of Texas
What they said yesterday
Great start to the week…
Germany gets it…
The importance of leading by example…
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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