Bitcoin holds on to last week’s gains after strongest weekly performance in a month
Bitcoin yesterday sealed its highest weekly close since February, with the leading cryptocurrency managing to hold and consolidate price gains made last week. Bitcoin is trading about $41,000 at time of writing, down almost two per cent over the past 24 hours but still up five per cent since this time last week.
Other major cryptocurrencies have followed a similar trajectory, with Ethereum changing hands a little under $2,900 – a 1.2 per cent drop since yesterday morning, but also up more than 11 per cent over the week. The market sentiment also starts the week slightly up, with the Fear and Greed Index hovering at around 30.
The uptick in investor sentiment reflects a general growing positivity across the markets, which seem to have relaxed around the geopolitical threat from Russia’s invasion of Ukraine. Both the tech-focused Nasdaq and S&P 500 were up on Friday as global stocks gained ~$5tn in market cap last week, but safe haven asset gold fell 1.2 per cent. It seems the crypto markets continue to correlate more strongly with other supposedly ‘riskier’ assets – will that continue to be the case moving forward and what does it mean for crypto?
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Friday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
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Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1.853 trillion, down from $1.892 trillion yesterday.
What Bitcoin did yesterday
We closed yesterday, March 20 2022, at a price of $41,247.82, down from $42,190.65 the day before. The daily high yesterday was $42,241.16 and the daily low was $41,004.76.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $776.2 billion. To put it into context, the market cap of gold is $12.224 trillion and Tesla is $935.72 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $21.81 billion down from $20.13 billion the day before. 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 59.49%.
Fear and Greed Index
Market sentiment today is 30, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.75. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 52.77. 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
“The biggest mistake I made in the last decade was getting too late and too little into Bitcoin.”
PayPal co-founder Peter Thiel
What they said yesterday
Will you be there?
As easy as 1,2,3…
Ain’t no stoppin’ us now…
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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