A flat week in the crypto markets goes on, as Bitcoin continues to consolidate within a narrow range of $41-43k. The leading cryptocurrency’s price has again drifted slightly downwards today, dropping one per cent over the past 24 hours and three per cent over the past week.
Currently, the S&P 500 still seems to be dictating the direction of Bitcoin and the overall crypto market, evident by correlations reaching new highs. Bitcoin’s 90-day correlation to the S&P 500 is currently at its highest since October 2020. Yesterday saw the S&P 500 shed 1.8 per cent.
The Fear and Greed Index that measures consumer sentiment generally continues to suggest that investors are fearful. The index increased slightly from the bottom of 10, reached on January 8, but has not managed to sustain momentum to a degree that suggests confidence has returned to the market.
Where Bitcoin goes, the other major altcoins seem to follow. Ethereum has performed worse than Bitcoin in the past seven days, but the correlation is currently high.
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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/insights/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,972,246,527,745 down from $2,006,814,994,705 yesterday.
What Bitcoin did yesterday
We closed yesterday, January 18 2022, at a price of $42,375.63, up from $42,250.55 the day before. The daily high yesterday was $42,534.40 and the daily low was $41,392.22.
This time last year, the price of Bitcoin closed the day at $36,069.81. In 2020, it closed at $8,706.25.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $790.6 billion. To put it into context, the market cap of gold is $11.519 trillion and Tesla is $1.034 trillion.
The total spot trading volume reported by all exchanges over the last 24 hours was $22,913,463,253 up from $22,038,210,159 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 41.27%.
Fear and Greed Index
Market sentiment today is 24, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 40.39. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 34.15. 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 mining is the cleanest, most efficient use of energy in the world.”
MicroStrategy CEO, Michael Saylor
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Crypto AM: Contributors
Crypto AM: In Conversation with James Bowater
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Crypto AM: Events
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