It was a flat weekend for the Bitcoin price, which continues to look stable at just $43k – unchanged since yesterday morning but up two per cent over the past week. We are now in a two month-long downtrend that has seen the price fall by almost a third from November’s all-time high of around $69k.
The price action is echoed by other top cryptocurrencies, including Ethereum (ETH) and Solana (SOL), which are also broadly unchanged in price over the last day. The standout performer among the major cryptocurrencies is Cardano (ADA), which has grown by nearly 12 per cent in the last 24 hours and more than 30 per cent since this time last week.
This week, keep an eye on the North American Bitcoin Conference, where billionaire investor Mark Cuban will join crypto-friendly Miami Mayor Francis Suarez on stage. Will we see any major announcements to compare with last year’s revelation that El Salvador planned to become the world’s first country to make Bitcoin legal tender?
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 🙏🏻
Friday’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 $2,042,413,318,156.
What Bitcoin did yesterday
We closed yesterday, January 16 2022, at a price of $43,113.88, down from $43,177.40 the day before. The daily high yesterday was $43,436.81 and the daily low was $42,691.02.
This time last year, the price of Bitcoin closed the day at $35,791.28. In 2020, it closed at $8,929.04.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $807.91 billion. To put it into context, the market cap of gold is $11.556 trillion and Tesla is $1.054 trillion.
The total spot trading volume reported by all exchanges over the last 24 hours was $19,162,790,950. 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 43.4%.
Fear and Greed Index
Market sentiment today is 22, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 39.70. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 36.74. 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
“It might make sense just to get some in case it catches on. If enough people think the same way, that becomes a self-fulfilling prophecy. Once it gets bootstrapped, there are so many applications if you could effortlessly pay a few cents to a website as easily as dropping coins in a vending machine.”
Bitcoin creator(s) Satoshi Nakamoto, 13 years ago
What they said yesterday
It’s like art, isn’t it?
8% of people aged 50 to 64 and 3% of people over 65 have used crypto…
Puts a pep in your step…
Crypto AM: Editor’s picks
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
New cryptocurrency named ‘JRR Token’ blocked by lawyers for Lord of the Rings creator Tolkien
El Salvador to build Bitcoin city at base of volcano
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