Thursday 29 April 2021 11:05 am

Cardano leading the charge against Bitcoin dominance

Crypto at a glance

Bitcoin’s market dominance has fallen below 50 per cent for the first time since July 2018, with alt coins soaring again today. Alt season seems to be well and truly here, but which will come out on top?

Bitcoin remains the leading cryptocurrency by market cap, with the price holding at just over $54,000 for the third day in a row. However, it’s being outshone at the moment by the likes of Ethereum (ETH), which is up another 3.5 per cent and changing hands at just over $2,700.

The second-largest cryptocurrency by market cap yesterday set yet another new all-time high of $2,750 and is now the 33rd largest asset in the world by market cap, putting it on the same level as PayPal. The rise seems to be driven by fundamentals with use of the cryptocurrency soaring amid the DeFi boom, and the total value locked in the Ethereum ecosystem crossing $64 billion for the first time. Can it hit $3,000 soon? At what point does calling it an ‘altcoin’ begin to sound silly?

Ethereum isn’t alone in creeping closer to Bitcoin. Cardano (ADA) is leading the way today, potentially buoyed by its recent announced partnership in Africa (read more). Today marks a major milestone for Charles Hoskinson and Cardano, the third generation blockchain project he founded, with the Africa Special taking place at 16:30 UTC – you can register for #CardanoAfrica here.

XRP and Binance Coin (BNB) also continue to climb, both rising around three per cent to $1.39 and $574 respectively. Can they again test recent highs? Will any of them be able to join Ethereum in giving Bitcoin a run for its money at the top of the table?

All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com ??

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 $2,088,399,935,373, up from $2,054,270,159,160 yesterday.

What Bitcoin did yesterday

We closed yesterday, April 28 2021, at a price of $54,824.70– down from $55,033.12the day before.

The daily high yesterday was $56,227.21 and the daily low was $53,887.92.

This time last year, the price of Bitcoin closed the day at $7,807.06. In 2019, it closed at $5,285.14.

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $1.017 trillion, up from $1.016 trillion yesterday. To put that into context, the market cap of gold is $11.293 trillion and Alphabet (Google) is $1.599 trillion.

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $44,359,198,005, down from $47,130,377,797 yesterday. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.

Volatility

The price volatility of Bitcoin over the last 30 days is 52.39%.

Fear and Greed Index

Market sentiment is up to 52.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 49.85, down from 50.63 yesterday. Its lowest ever recorded dominance was 37.09 on January 8 2018.

Relative Strength Index (RSI)

The daily RSI is currently 45.59, down from 46.46 yesterday. 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

“The adoption of cryptocurrencies is far from being a gimmick. It’s a response to the very real challenges faced by island communities increasingly cut-off from mainstream banking facilities. Residents of small island nations are finding it increasingly difficult to send and receive money internationally because of ‘derisking’ by large international banks. Derisking is when these large institutions remove their intermediary banking services from smaller island-based community banks. This prevents the island-based banks from transacting internationally.”

– Property developer Storm Gonsalves, on why it’s accepting BTC for its luxury villas on a Caribbean island.

What they said yesterday

Level 1 complete…

Valuing up…

Not financial advice…

Sigh…

Crypto AM Editor writes

Facebook posts massive $26 billion revenue but not a Bitcoin in sight…

Binance jumps on the NFT market…

Ethiopia overhauls its educational system with IOHK blockchain partnership…

John McAfee on life in prison and the price of Dogecoin…

Crypto AM: Longer Reads

City AM Markets: What is Decentralised Finance (DeFi) by Aave…

Crypto AM: Conversation with James Bowater

Crypto AM: Market View

Crypto AM: Technically Speaking

Crypto AM: A Trader’s View with TMG

Crypto AM: Mixing in the Metaverse with Dr Chris Kacher

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

Part one…

Part two…

Part three…

Part four…

Part five…

Crypto AM: Recommended Events

Crypto AM DeFi & Digital Inclusion Online Summit

May 20 2021

AIBC World

May 25 and 26 2021 – Dubai

https://aibc.world/events/uae/general-info/

Bitcoin 2021 – Miami

June 3 to 5 2021

https://b.tc/conference

Crypto AM City of London Roundtable

Crypto AM DeFi & Digital Inclusion Summit

&

Crypto AM Awards 2021

September 29 to 30 2021

Cautionary Notes

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.

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