It’s been a strong start to the week in the crypto markets, with the price of Bitcoin again rising above $31,000 after nine weeks of losses. The leading cryptocurrency has rallied more than three per cent at time this morning. Can it sustain the momentum?
Other major cryptocurrencies have performed even better, albeit having experienced more volatility over recent weeks. Cardano has done particularly well, rising 25 per cent over the past 24 hours. The price of Ethereum is currently up three per cent since this time yesterday to just below $2k.
The uptick across the crypto markets comes amid rising optimism in Asian markets, as Coronavirus cases in China fell to less than 100 for the first time since early March. The news has driven news of a wider economic recovery, with markets largely opening higher.
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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 $1.308 trillion.
What Bitcoin did yesterday
We closed yesterday, May 30 2022, at a price of $31,726.39. The daily high yesterday was $31,949.63 and the daily low was $29,303.57.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $601.62 billion. To put it into context, the market cap of gold is $11.797 trillion and Tesla is $786.98 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $37.419 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 59.29%.
Fear and Greed Index
Market sentiment today is 16, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 46.47. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 49.67. 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 is no ‘next Bitcoin’”
Hal Finney, Developer
What they said yesterday
Retire with Bitcoin…
Let’s go Bitcoin…
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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