Bitcoin up 13% on the week as rally cools and investors weigh positions
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The crypto rally that started in the early hours of Monday morning has gone quiet. Bitcoin (-0.89%) is trading in the red at $24,677, while Ethereum (-2.76%) has retraced to $1,658 this morning.
Bitcoin’s spot trading volume on exchanges globally has dropped by 19% since yesterday, further evidence that investors are taking stock of their positions. But crypto’s market leader is still up by 13% over seven days, while Ethereum is in the green by 7.8% over the same period.
The drawdown is more evident among third-generation cryptocurrencies. Polygon, Solana and Uniswap have dwindled by 7% since yesterday, while Cardano has shed 5% off yesterday’s price.
Uncertainty around interest rate volatility has again entered the conversation, as Mark Connors, head of research at 3iQ, noted to CoinDesk.
“The reason that’s important is because rates are used to price every asset on the planet,” he said.
“And when you have uncertainty on interest rates, you have uncertainty on what everything is worth.”
The Federal Reserve, the institution charged with interest rate decisions, meets again next week on March 22 and 23 to decide the way forward.
Yesterday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
*Data can be found at https://terminal.bytetree.com/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market this morning was $1.078 trillion.
What Bitcoin did yesterday
We closed yesterday, March 15, at a price of $24,375. The daily high yesterday was $25,240, and the daily low was $23,964.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $477.126 billion. To put it into context, the market cap of gold is $12.678 trillion and Tesla is $579.56 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $42.551 billion. High volumes can indicate that a significant price movement has stronger support.
The price volatility of Bitcoin over the last 30 days is 64.72%.
Fear and Greed Index
Market sentiment today is 52, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 45.71. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 62.06. 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.
Soundbite of the day
Some smart people like Jason Lowery believe Bitcoin has the potential to be the “new internet” itself. That money is only the first use case. That Bitcoin and Proof of Work are the only way to truly secure bits of data.
Michael Nadeau, analyst and author of The DeFi Report
What they said yesterday
It’s already happening…
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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.