Crypto market sentiment hits highest levels since April ahead of latest inflation figures
The crypto market recovery continues after a poor start to the summer. The price of Bitcoin now seems to have firmly established itself in a narrow consolidation range in the $22,500 to $24,500 area, sitting at just below $23k this morning. That’s down three per cent since this time yesterday but flat over the past seven days, with its relative resilience providing some comfort to investors.
Other major cryptocurrencies are also down slightly on Wednesday morning, but broadly up over the past week. The price of Ethereum is $1,685 at time of writing, down around 5 per cent over the past 24 hours but still up three per cent since this time a week ago. Market sentiment also continues to look stronger than it has in recent times, with the Fear and Greed Index yesterday hitting 42 – its highest level since early April. Can it once again turn greedy?
The big news to watch out for today is the release of more US inflation data, with the latest US Consumer Price Index (CPI) figures expected to tell us how well the Federal Reserve’s anti-inflation measures have been working. The consensus of expectations is for an 8.7% year-over-year increase in the CPI. How will it impact the markets?
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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 $1.084 trillion.
What Bitcoin did yesterday
We closed yesterday, August 8 2022, at a price of $23,164.32. The daily high yesterday was $23,898.62 and the daily low was $22,982.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $439.12 billion. To put it into context, the market cap of gold is $11.922 trillion and Tesla is $887.81 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $24.398 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 50.27%.
Fear and Greed Index
Market sentiment today is 31, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.26. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 52. 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
“I also believe although it is still in its infancy, Bitcoin and the protocol are unstoppable.”
Jeff Booth, author and tech entrepreneur
What they said yesterday
The beat goes on…
Thanks for clearing that up, Max…
Fix the money…
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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