Crypto at a glance
It was another flat day for the crypto markets. Bitcoin is still changing hands at around the $55,000 level, while the Ether price has also scarcely moved, seemingly content to drift along at around $1,800.
The story is much the same elsewhere too, with smaller caps all relatively stable over the last 24 hours. Not a double digit move in sight – it’s all a bit boring, really. Is a bigger move on the cards soon?
The only real shining light yesterday was Cardano, buoyed by the news that Coinbase Pro is adding support for ADA. The announcement saw the so-called Ethereum-killer soar over 17% to $1.23 in a matter of hours, although it’s still some way short of its all-time high from last month of more than $1.40.
It’s once again the third-largest coin by market cap, having fallen off the pace somewhat recently. How much further can it climb?
In other news, bids for Elon Musk’s non-fungible token (NFT)-based “artwork,” have soared above a million dollars. The NFT features a rotating gold trophy decorated with “diamond hands,” the dogecoin, a moon and “HODL,” while house music plays over the top. It’s not good.
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In the markets
|Name||Price||Price Change (24h)||Price Change (7 days)|
|Binance Coin (BNB)||$255.28||+2.09%||-11.05%|
|Crypto market cap||$1,726,998,357,092|
|MVIS CryptoCompare Digital Assets 100 Large-Cap Index||+0.63|
|MVIS CryptoCompare Digital Assets 100 Small-Cap Index||+0.04|
|MVIS CryptoCompare Ethereum VWAP Close Index||-0.03|
|Prices and data as of [08:30, 17/03/2021]||Source: CryptoCompare.com, MVIS|
The Bitcoin economy
*Definitions and insights can be found at https://bytetree.com/insights/
What Bitcoin did yesterday
We closed yesterday, March 16 2021, at a price of $56,804.90 – down from $55,907.20 the day before.
The daily high yesterday was $56,833.18 and the daily low was $53,555.03.
This time last year, the price of Bitcoin closed the day at $5,014.48. In 2019, it closed at $4,048.73.
As of today, buying Bitcoin has been profitable for…
99.9% of all days since 2013-04-28.
Bitcoin market capitalisation
Bitcoin’s market capitalisation is $1,042,476,825,263 at time of writing, down from $1,044,393,752,585 yesterday. To put that into context, the market cap of gold is $11.006 trillion and silver is $1.425 trillion.
The volume traded over the last 24 hours was $50,967,129,664, down from $69,413,155,271yesterday. 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 70.5%.
Fear and Greed Index
Market sentiment is back down in Greed at 71.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 61.45. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 57.40. 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 supply is fixed by the software at 21.5 million Bitcoin, and there are already 19 million outstanding, so it can’t expand much – unlike the dollar which can be printed in infinite amounts, and the demand is growing because more people are interested in it.”
– Legendary investor, Howard Marks
What they said yesterday
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21 million tulips…
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Crypto AM: Recommended Events
Global Investment in Sustainable Development
March 31 to April 1 2021 – Dubai
Global Technology Governance Summit
April 6 to 7 2021 – Tokyo
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.