Cryptocurrencies are down today after yesterday’s green candles.
Bitcoin is down two percent this morning after failing to hold above the $17,000 line of resistance.
Ethereum is down 3.5% since yesterday, trading at $1,250. The rest of the crypto market has followed suit, evidenced by a 1.8% slip in the market cap of the entire industry, which is currently at $853.655 billion.
The downward movement in the crypto markets is in line with what’s happening in traditional markets, as investors react to fresh data from the US, possibly spelling continued hawkish behaviour from the Fed for the foreseeable future.
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 at time of writing is currently $853.655 billion.
What Bitcoin did yesterday
We closed yesterday, December 5 2022, at a price of $16,974. The daily high yesterday was $17,378, and the daily low was $16,922.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $326.346 billion. To put it into context, the market cap of gold is $11.76 trillion and Tesla is $567.6 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $19.277 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 52.27%.
Fear and Greed Index
Market sentiment today is 25, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 40.41. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 43.09. 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
“History doesn’t repeat, but it can often rhyme. Bitcoin is 65% into its third halving epoch, and this current drawdown looks similar to those seen in prior cycles.”
Jack Neureuter, Research Analyst, Fidelity
What they said yesterday
Gaining the trust of institutions…
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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