Bitcoin price flat at $20k, but market optimism growing
Bitcoin is broadly flat over the past 24 hours, changing hands at about $20,200 this morning. That’s a price increase of about one per cent compared to yesterday.
The largest cryptocurrency by market capitalisation has been struggling to push further above the $20,000 since dropping below that level early last month. Can it push on now?
The sentiment in the crypto market has been low for several months, but we’ve at least seen a slight improvement this week as Bitcoin has managed to avoid deeper drops. After the Fear and Greed Index climbed to 19 yesterday, we’re at the highest point in two months. We’re still very much in the “Extreme Fear” area, but we’re at least seeing a bit more optimism than we’ve seen lately.
Other major cryptocurrencies continue to see a better start to July. Ethereum is currently up more than one per cent over the past week, holding around the $1,140 mark. The standout performer has been Uniswap, which is up almost 10 per cent over the past seven days.
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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 $907 billion.
What Bitcoin did yesterday
We closed yesterday, July 5 2022, at a price of $20,190.11. The daily high yesterday was $20,635.47 and the daily low was $19,341.23.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $385 billion. To put it into context, the market cap of gold is $11.667 trillion and Tesla is $724.64 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $28,964 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 71.34%.
Fear and Greed Index
Market sentiment today is 18, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.47. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 39.65. 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
“Bitcoin will create new industries the same way the internet created businesses that could not have been imagined before. Bitcoin will destroy businesses the same way the internet transformed industries that were once considered irreplaceable.”
Misir Mahmudov, author
What they said yesterday
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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