Bitcoin steady as all eyes turn to WEF for sparks of life in crypto markets
After a turbulent week in the crypto markets, investors can be forgiven for hoping that this week is at least a little quieter.
It’s certainly off to a steady start, with most major cryptocurrencies relatively stable over the weekend. Despite the slight uptick, Bitcoin still ended last week in the red, recording its first seven-week losing streak in history. Will this week be the turning point?
The price of Bitcoin has now recovered to around $30k, after the leading cryptocurrency hit lows of around $26k on Thursday. It’s currently changing hands for around $29,700, flat over the past 24 hours but down 12 per cent over the past seven days. The Ethereum price is also flat since this time yesterday morning, holding at around $2k.
The big event to look out for this week is the World Economic Forum, with the 2022 event kicking off on May 22. Will there be any major revelations or announcements to shake the markets into life?
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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/research
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1.274 trillion.
What Bitcoin did yesterday
We closed yesterday, May 15 2022, at a price of $31,305.11. The daily high yesterday was $31,308.19 and the daily low was $29,527.74.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $565.71 billion. To put it into context, the market cap of gold is $11.408 trillion and Tesla is $797.3 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $30.427 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 56.48%.
Fear and Greed Index
Market sentiment today is 14, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.57. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 34.53. 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
“A market where a few people decide the fate of everyone else by giving instruction to when and how much money is manipulated… isn’t a market – It is a control structure.”
Jeff Booth, Author
What they said yesterday
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Regions to watch…
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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