Bitcoin struggled to gain a foothold above $20k over the weekend, continuing to trade in a narrow range between $19,700 and $20,400. The largest cryptocurrency by market value is currently changing hands for $19,783.04, up 0.25 per cent over the past 24 hours.
Other major cryptocurrencies are also fairly flat this morning, with Ether (ETH), the second largest cryptocurrency by market value, up 0.49 per cent to $1,564. This month will see the Ethereum Merge, an upgrade to the Ethereum network that is likely to cause a reduction in the supply of ETH and introduce a store of value narrative similar to Bitcoin’s.
The big cloud hanging over the markets this week is Russian energy giant Gazprom’s indefinite suspension of gas supply to Europe, which has given rise to fears of further inflation and a continuation of the punishing programs of interest rate increases being seen across the world.
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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 $975.960 billion.
What Bitcoin did yesterday
We closed yesterday, September 4 2022, at a price of $19,986.71. The daily high yesterday was $19,999.69 and the daily low was $19,636.82.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $378.59 billion. To put it into context, the market cap of gold is $11.376 trillion and Tesla is $840.62 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $27.804 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 39.32%.
Fear and Greed Index
Market sentiment today is 23, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 39.72. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 40.70. 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
“Solar & Wind don’t match where & don’t match when most customers want it
Bitcoin mining doesn’t care where & doesn’t care when power is produced.
This makes Bitcoin the catalyst for the renewable transition”
Daniel Batten, ClimateTech investor
What they said yesterday
So far so good…
Bitcoin never sleeps…
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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: Visions of the Future, Past & Present with Alex Lightman
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Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry
Crypto on the catwalk
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