Bitcoin steady at $44k as crypto continues to decouple from stocks
The crypto markets have steadied since Monday’s buying spree, with the price of Bitcoin hitting a wall yesterday at $44k. The leading cryptocurrency is currently up around one per cent over the past 24 hours and 15 per cent since this time last week. It’s struggled to get at the $44k mark since the January sell off, but will we see a more convincing breakthrough this time around?
Ethereum and other major cryptocurrencies are also relatively flat since this time yesterday. Ethereum is up more than one per cent and still looking to leapfrog the $3k price level. This is in stark contrast to global stock markets, with the S&P 500 and tech-heavy Nasdaq falling 1.6 per cent and 1.5 per cent, respectively. Has it decoupled from the stock market?
Bitcoin certainly seems to be behaving more like gold at the moment. It’s still down roughly eight per cent year-to-date, but it’s catching up with the precious metal, which is up six per cent on the year. Gold is often described as a safe haven in traditional financial markets during times of geopolitical turmoil, but for Ukranians fearing the collapse of their entire financial system it appears that Bitcoin is being seen as a very attractive option too.
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Yesterday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
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Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1.950 trillion, up from $1.905 trillion yesterday.
What Bitcoin did yesterday
We closed yesterday, March 1 2022, at a price of $44,354.64, up from $43,193.23 the day before. The daily high yesterday was $44,793.60 and the daily low was $42,952.58.
This time last year, the price of Bitcoin closed the day at $48,378.99. In 2020, it closed at $8,869.67.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing was $835.73 billion. To put it into context, the market cap of gold is $12.343 trillion and Tesla is $893.33 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $32.938 billion, down from $38.156 billion 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 64.74%.
Fear and Greed Index
Market sentiment today is 52, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.98. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 61.39. 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.
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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