The Bitcoin price is roughly flat over the last day, after a week of gains that took its price over the $48,000 mark for the first time this year.
The largest cryptocurrency by market capitalisation is currently holding steady at about $47,400. The second largest, Ethereum, is also treading water at about the same $3,400 mark it held this time 24 hours ago.
The flat performance is in contrast to stock markets, which traded higher yesterday after Russian and Ukrainian officials announced progress in ceasefire talks. The 90-day correlation between bitcoin and the S&P 500 is still climbing though and now sits above 0.5, suggesting that the stock market recovery has impacted the recent strength seen in crypto.
Generally speaking, good vibes seem to be holding up among both institutional and retail crypto buyers. MicroStrategy is back in business, with the computing giant and Bitcoin investor yesterday announcing another $205 million Bitcoin purchase – bringing its total holdings to more than $5 billion.
The Fear and Greed Index that measures customer sentiment is also holding steady, currently sat in Greed where it’s been for two days having yesterday touched its highest level since early November in a sign that optimism is returning to the market. However, market participants should keep in mind that every time we have shown the slightest sign of greed this spring and volumes remain stubbornly low. Will the same happen again?
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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 $2.141 trillion, down from $2.152 trillion yesterday.
What Bitcoin did yesterday
We closed yesterday, March 29 2022, at a price of $47,465.73, up from $47,128.01 the day before. The daily high yesterday was $48,022.29 and the daily low was $47,100.44.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $900.2 billion. To put it into context, the market cap of gold is $12.215 trillion and Tesla is $1.14 trillion.
The total spot trading volume reported by all exchanges over the last 24 hours was $32.649 billion, down from $34.156 billion yesterday. 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 50.97%.
Fear and Greed Index
Market sentiment today is 55, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.68. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 70.96. 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.
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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