Experts warned last week that the sustained consolidation of Bitcoin and Ethereum in a narrow price range may be a sign of volatility to come.
Yesterday and this morning saw these tidings play out in the cryptocurrency markets, possibly signalling a busy week for crypto. Yesterday saw large trading volumes send the price of Bitcoin beyond $19,500 to a daily high of $19,646.
The leading cryptocurrency by market cap is trading at $19,331 this morning, up by 0.7% on the day and again in the green over seven days. At $1,337, Ethereum is up by more than 2% from yesterday and 2%+ over the last week, while Cardano’s ADA token is more than three per cent higher than the weekend.
The market volatility has gone in favour of Bitcoin and Ethereum this time, and Bitcoin’s holding above $19,000 for more than a month now has pushed down the cryptocurrency’s volatility below that of the Nasdaq and SP500. It has resurfaced conversations around Bitcoin’s status as digital gold. Will trading activity reinforce this narrative during the week?
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Friday’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 $928.970 billion.
What Bitcoin did yesterday
We closed yesterday, October 23 2022, at a price of $19,567 The daily high yesterday was $19,646, and the daily low was $19,124.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $370.57 billion. To put it into context, the market cap of gold is $10.909 trillion and Tesla is $667.12 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $27.921 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 29.93%.
Fear and Greed Index
Market sentiment today is 22, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.82. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 45.49. 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 a union that offers hope for the individual struggling against the oppressive force of the collective. It is the best chance we have to heal our world and rise above the chaos.”
Michael Saylor, MicroStrategy Founder & Executive Chairman
What they said yesterday
Small but mighty…
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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