Bitcoin overtakes Russian rouble as crypto markets buoyant
The crypto markets are buoyant this morning, with the total value of all cryptocurrencies again nearing the $2 trillion mark for the first time in two weeks after gaining 11 per cent since last week.
The Bitcoin price currently sits at around $43k, having increased more than 12 per cent over the past 24 hours. The gain was Bitcoin’s largest single-day increase in a year. Other major cryptocurrencies are also firmly in the green, with Ethereum also up around 10 per cent. Terra (LUNA) and Near Protocol (NEAR), are the day’s big winners, with both seeing gains of more than 20 per cent.
The uptick comes despite Russia seeming to escalate its war against Ukraine. Indeed, many analysts are crediting the rise to increased demand from Russian investors looking to protect their money as the rouble crashes and worldwide sanctions prevent them from moving their wealth. It’s been reported that Bitcoin purchases using roubles and hryvnias have soared.
Bitcoin now has a market cap greater than the Russian rouble itself.
Many have questioned the leading cryptocurrency’s credentials as a safe haven asset in recent weeks, with it moving largely in lockstep with the global stock markets. Is this Bitcoin proving itself as a real safe haven asset for economic issues more complex than simple inflation?
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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/insights/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1.905 trillion, up from $1.711 trillion yesterday.
What Bitcoin did yesterday
We closed yesterday, February 28 2022, at a price of $43,193.23, up from $37,709.78 the day before. The daily high yesterday was $43,760.46 and the daily low was $37,518.21.
This time last year, the price of Bitcoin closed the day at $49,631.24. In 2020, it closed at $8,562.45.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing was $823.42 billion. To put it into context, the market cap of gold is $12.128 trillion and Tesla is $899.59 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $38,156 billion, up from $24.972 billion yesterday. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.
Volatility
The price volatility of Bitcoin over the last 30 days is 63.11%.
Fear and Greed Index
Market sentiment today is 51, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.90. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 59.84. 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 only thing functioning as money everywhere in the world today is Bitcoin.”
Microstrategy CEO, Michael Saylor
What they said yesterday
Up, up, and up…
You are the market…
Bitcoin works…
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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
Part One
https://www.youtube.com/watch?v=dvqNMNZTIDE
Part Two
https://www.youtube.com/watch?v=WXhX_-Tr5j0
Cautionary Notes
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