Bitcoin price holding above $20k as financial markets continue to look shaky
The price of Bitcoin has dipped again slightly over the past 24 hours, but is still managing to hold above $20k this morning.
The largest cryptocurrency by market value again dropped to around $19,600 yesterday, but has since recovered to $20,267 – down one per cent over the past 24 hours.
Ethereum, the second-largest cryptocurrency by market cap, is also down slightly this morning, falling 0.21 per cent to $1,583. Equity markets also dipped for a third straight day as the focus on future interest rate rises continues.
The tech-heavy Nasdaq, S&P 500 and Dow Jones Industrial Average (DJIA) were all down about one per cent at close of trading yesterday.
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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 $987.579 billion.
What Bitcoin did yesterday
We closed yesterday, August 30 2022, at a price of $19,796.81. The daily high yesterday was $20,542.64 and the daily low was $19,617.64.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $387.51 billion. To put it into context, the market cap of gold is $11.392 trillion and Tesla is $863.92 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $35.318 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 39.07%.
Fear and Greed Index
Market sentiment today is 23, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 40.13. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 41.43. 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
“There are only two ways that any economy can be organised. One is by freedom and voluntary choice – the way of the market. The other is by force and dictation – the way of the state.”
Murray N. Rothbard, American Economist
What they said yesterday
The code that rocked…
They’ve got a point…
Spreading the good word of Bitcoin…
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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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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