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?
Would you like to help spread the adoption and education of Bitcoin in the UK and even stack some Sats while you’re doing it? Well, now you can!
The Bitcoin Pioneers community, backed by Barry Silbert’s Digital Currency Group, was created to introduce Bitcoin to a mainstream audience in a meaningful way and now has members right across the UK.
We share tips, stories and ideas on how to encourage others to try Bitcoin for the first time. And, thanks to support from Luno, each Pioneer gets £500 of Bitcoin a month to share with beginners, helping them get started.
So, if you’re passionate about Bitcoin, why not join today? Click here to find out more!
All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻
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.
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.
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…
Crypto AM: Editor’s picks
Meet the hackers helping people recover lost crypto assets
The cryptocurrency fundraisers behind Ukraine’s military effort
Exclusive: Fireblocks valuation climbs to $8bn in $550m funding round
Crypto crazy couple name baby after favourite digital asset
Bitcoin hashrate touches new all time high
Peter McCormack: Transforming Bedford FC into a global Bitcoin brand
Exclusive: FTSE plots development of digital asset index in crypto push
Crypto could give London a unique post-Brexit advantage, says Hammond
Diamond claws: Crypto trading hamster dies after standout investing career
Crypto AM: Features
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: Contributors
Crypto AM: In Conversation with James Bowater
Crypto AM: Tomorrow’s Money with Gavin S Brown
Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
Crypto AM: Visions of the Future, Past & Present with Alex Lightman
Crypto AM: Tiptoe through the Crypto with Monty Munford
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