The price of Bitcoin has slipped below $20k again this morning, having fallen for a fourth straight day.
The largest cryptocurrency by market capitalisation changing hands for around $19,376 – a drop of 3.68 per cent. Each time the Bitcoin price has dropped below $20k over the past fortnight, it has managed to promptly bounce back. Can it do so again, or is there more downside to come?
Other major cryptocurrencies are also down this morning, with Ethereum drifting towards the $1,000 mark. The second-largest cryptocurrency by market cap is currently down 6.85 per cent, trading for $1,053. The declines echo falls in traditional markets, with the tech-focused Nasdaq again ending yesterday slightly lower.
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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 $864 billion.
What Bitcoin did yesterday
We closed yesterday, June 29 2022, at a price of $20,104.02. The daily high yesterday was $20,364.16 and the daily low was $19,937.79.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $368 billion. To put it into context, the market cap of gold is $11.529 trillion and Tesla is $710.15 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $23,589 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 69.07%.
Fear and Greed Index
Market sentiment today is 11, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.68. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 29.34. 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.
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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