Crypto at a glance
Bitcoin’s recovery from last week’s losses has stalled again, with the leading cryptocurrency dropping back down to $47,000 after regaining the $50,000 level.
The stutter comes as the traditional stocks and bonds markets in general took a hammering yesterday, prompted by US Federal Reserve Chair Jerome Powell’s acknowledgement that he “would be concerned” by the impact of rising US government-bond yields on borrowing costs.
During the early stages of the COVID pandemic last year, there was a strong correlation between Bitcoin and traditional markets – are we seeing a re-emergence of this trend?
There were significant drops across the board over the last 24 hours. Ethereum is back below $1,500 again, down more than 7%. Cardano is also down 7%, though it continues to hold above a dollar and still has the edge on BNB and DOT in the market cap wars. It remains tight in that battle for third place though – will one finally be able to breakaway?
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In the Markets
|Name||Price||Price Change (24h)||Price Change (7 days)|
|Binance Coin (BNB)||$218.97||-9.70%||+0.69%|
|Crypto market cap||$1,441,926,356,205|
|MVIS CryptoCompare Digital Assets 100 Large-Cap Index||-6.08|
|MVIS CryptoCompare Digital Assets 100 Small-Cap Index||-6.32|
|MVIS CryptoCompare Ethereum VWAP Close Index||-8.20|
|Prices and data as of [08:30, 5/03/2021]||Source: CryptoCompare.com, MVIS|
The Bitcoin Economy
*Definitions and insights can be found at https://bytetree.com/insights/
What Bitcoin did yesterday
We closed yesterday, March 4 2021, at a price of $48,561.17 – down from $50,538.24 the day before.
The daily high yesterday was $51,735.09 and the daily low was $47,656.93.
This time last year, the price of bitcoin closed the day at $8,755.25. In 2019, it was $3,761.56.
As of today, buying Bitcoin has been profitable for…
99.9% of all days since 2013-04-28.
Bitcoin market capitalisation
Bitcoin’s market capitalisation is $874,222,734,619, down from $939,419,922,465 yesterday. The total market cap of gold is $10.739 trillion at time of writing.
The volume traded over the last 24 hours was $50,928,816,009, down from $56,995,412,217 yesterday. 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 81.23%.
Fear and Greed Index
Market sentiment is still in Extreme Greed despite yesterday’s drop, although down from 84 to 77 today.
Bitcoin’s market dominance
Bitcoin’s market dominance is 61.68. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is 49.24. 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 three things that I want to do with Bitcoin and crypto generally. One is I want to be able to give my employees the ability to take a percentage of their salary in Bitcoin and crypto. Two, I want our residents to have the ability to make payments of taxes and fees in crypto. And the third thing is including Bitcoin as a part of the city’s investment portfolio. The last objective is probably the hardest of the three, not because of anything other than the fact that we have rules that we have to follow in terms of our investment threshold. So, I have to do the analysis on that and it’s on my agenda.”
Miami Mayor Francis Suarez
What they said yesterday…
Both at once?
See what you did there…
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What’s Next for Crypto Webinar
Baker Botts & Team Blockchain
March 3 2021 17:00 GMT
Global Investment in Sustainable Development
March 31 to April 1 2021 – Dubai
Global Technology Governance Summit
April 6 to 7 2021 – Tokyo
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 08:30am GMT.