Bitcoin yesterday continued its weekend rally, with the price rising to highs of more than $22,600. The leading cryptocurrency by market capitalisation has since dropped back to around $21,700 this morning – a fall of two per cent since yesterday morning. It’s still up 10 per cent since this time last week.
Ethereum continues to outperform other major cryptocurrencies, seeing another price increase over the past day of around three per cent. The latest increase means it is more than $1,500 for the first time since 12 June.
It’s currently up more than 40 per cent over the past seven days, as investors continue to look at the Ethereum network’s transition from a more energy-intensive proof-of-work approval mechanism for transactions and events to proof-of-stake, which analysts claim will make it more environmentally friendly.
Other major cryptocurrencies are also mostly in the green this morning, in contrast with global equities markets which finished yesterday in the red. Is it a sign that crypto has finally decoupled from stock markets?
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Yesterday’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 $1.014 trillion.
What Bitcoin did yesterday
We closed yesterday, July 18 2022, at a price of $22,485.69. The daily high yesterday was $22,633.03 and the daily low was $20,781.91.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $417 billion. To put it into context, the market cap of gold is $11.26 trillion and Tesla is $747 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $45,225 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 51.06%.
Fear and Greed Index
Market sentiment today is 30, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.06. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 53.42. 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
“Bitcoin is the most secure and trusted form of decentralized store-of-value and settlement.”
David Marcus, co-creator of cryptocurrency Diem
What they said yesterday
Complimentary not conflicting…
Education is key…
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For those of you who missed the Crypto AM DeFi & Digital Inclusion online summit 2021 – you can now watch the event in two parts via YouTube
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