The crypto markets have picked up slightly this morning, with the price of Bitcoin slowly recovering from its worst start to a year since 2012. The leading cryptocurrency is currently changing hands for just below $43k, up around 2.5 per cent since yesterday morning.
The slight recovery comes amid an uptick in investor sentiment across global financial markets. The uptick follows remarks yesterday at a US Senate banking committee by Federal Reserve chairman Jay Powell that the central bank would do everything it could to stop inflation from “becoming entrenched”.
He also added that inflation was expected to peak in the middle of the year, and indicated that a dramatic increase in interest rates may not be necessary. US technology stocks rose yesterday on the news while, in the UK, the FTSE 100, which measures blue chip stocks, has hit its highest level in almost two years.
Elsewhere in the crypto markets, alt coins have seen a bigger increase. Ethereum, the second-largest cryptocurrency, is up five per cent over the past 24 hours, currently trading for around $3,500.
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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 $2,010,523,399,765 up from $1,954,659,246,584 yesterday.
What Bitcoin did yesterday
We closed yesterday, January 11 2022, at a price of $42,735.85, up from $41,821.26 the day before. The daily high yesterday was $43,001.16 and the daily low was $41,407.75.
This time last year, the price of Bitcoin closed the day at $33,922.96. In 2020, it closed at $8,192.49.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $808.94 billion. To put it into context, the market cap of gold is $11.559 trillion and Tesla is $1.068 trillion.
The total spot trading volume reported by all exchanges over the last 24 hours was $25,581,403,876 down from $33,374,369,519 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 42.51%.
Fear and Greed Index
Market sentiment today is 22, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 40.27. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 33.25. 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
$260 billion asset manager founder Ric Edleman: I predict that 1/3 of Americans will own Bitcoin this year.
What they said yesterday
TJ was on to something…
Talk about being early 🤣…
Bitcoin is inevitable…
Crypto AM: Editor’s picks
Bitcoin hashrate touches new all time high
Peter McCormack: Transforming Bedford FC into a global Bitcoin brand
Exclusive: FTSE plots development of digital asset index in crypto push
Crypto could give London a unique post-Brexit advantage, says Hammond
Diamond claws: Crypto trading hamster dies after standout investing career
New cryptocurrency named ‘JRR Token’ blocked by lawyers for Lord of the Rings creator Tolkien
El Salvador to build Bitcoin city at base of volcano
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Crypto AM: Contributors
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Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
Crypto AM: Visions of the Future, Past & Present with Alex Lightman
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Crypto on the catwalk
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