Crypto at a glance
After a big weekend, Bitcoin yesterday hit a wall at the psychologically-important $50k resistance level. The cryptocurrency is currently trading at just over $49,600 at time of writing, down 1.5 per cent over the past 24 hours but still up about seven per cent over the past week.
There was more big adoption news yesterday, with online newsletter publishing platform Substack announcing that it will allow its 500,000+ paying subscribers to pay for its services using Bitcoin through the Lightning Network – a layered payment network for Bitcoin. They become the latest major retailer to accept the leading cryptocurrency, with cinema giant AMC announcing last week that they will do the same starting later this year.
Despite the positive price action, there are still signs that investors should be cautious. In a report yesterday, analyst Glassnode noted that (entity-adjusted) transaction numbers are “at historically low levels” while “transaction volumes are similarly depressed, with the Bitcoin network setting around $18.8B in daily volume”. That’s less than half of what it was when Bitcoin set its all-time high in May, though market sentiment continues to rise into Extreme Greed territory, spending the last two days at 79 on the Fear and Greed Index..
Elsewhere, Ethereum is also flat today after rising recently. The big gainer again is Cardano (ADA), which continues its recent impressive price surge that has seen it claim third spot in the market cap rankings ahead of technological enhancements to make the network more useful. Solana has also recovered five per cent after retracing from last week’s gains over the weekend, and Terra is up more than 15% and changing hands for around $33.
The Crypto AM London Blockchain & DeFi Summit will be held on the 29 & 30 September…
Day One will be held at ETC Fenchurch Street hosting the four Crypto AM City of London Roundtables so that delegates can meet and network with each other and learn from great discussions and talks.
Day Two will be summit day (streamed and live audience) at the Leonardo Royal Hotel, St Paul’s, finishing with the black tie gala dinner in the same venue where the winners of the Crypto AM Awards 2021 will be revealed.
For speaking opportunities, partnership packages or attendance (tickets will be strictly limited and by application) please email: firstname.lastname@example.org using the subject line ‘CRYPTOAM SUMMIT’.
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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.
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All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻
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/insights/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,149,042,240,841.
What Bitcoin did yesterday
We closed yesterday, August 23 2021, at a price of $49,546.15 up from $49,321.65 the day before.
The daily high yesterday was $50,482.08 and the daily low was $49,074.61.
This time last year, the price of Bitcoin closed the day at $11,774.60. In 2019, it closed at $10,159.96.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $935.79 billion. To put it into context, the market cap of gold is $11.471 trillion and Facebook is $1.024 trillion.
The total spot trading volume reported by all exchanges over the last 24 hours was $35,350,669,771, up from $30,324,583,394 the day before. 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 54.25%.
Fear and Greed Index
Market sentiment today is 79.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.00, Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 71.15. 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
“As the Feds continue to print more USD, this chart will continue to rise. Bitcoin could be the present, but is definitely the future monetary system, and after 21M, there isn’t any more.”
– Scott Conge, Mayor of Jackson, Tennessee.
What they said yesterday
Crypto AM editor’s pick
Bitcoin breaks $50,000 as magic Monday gives cryptocurrencies a green start to the week
Gibraltar to host first international post pandemic crypto event
CV Labs Partnership launches British crypto firm Evai onto Bittrex global exchange
Sudden rise of Solana takes crypto markets by surprise
OccamFi receives strategic investment from Cardano early stage VC Fund
Crypto AM: Longer Reads
City AM Markets: What is Decentralised Finance (DeFi) by Aave
Crypto AM: Conversation with James Bowater
Crypto AM: Market View in association with Ziglu
Crypto AM: Technically Speaking in association with Zumo
Crypto AM: A Trader’s View with TMG
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 Contributor: Jilian Godsil
Crypto AM: Talking Legal
Crypto AM: Spotlight
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Definitively DeFi
Crypto AM Parliamentary Special
Part one of two – April 2021
Part two of two – April 2021
Five Part Series – March 2021
Crypto AM Events
For those of you who missed the Crypto AM DeFi & Digital Inclusion online summit – 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