Monday 1 February 2021 10:32 am

Elon Musk in the Clubhouse, not the Dogehouse!

Crypto at a Glance 

If you caught last week’s episode of ‘The Markets do the Funniest Things’, you’ll undoubtedly have been on the edge of your seat waiting to see how it all turns out this week. But let’s start with a quick recap. Friday’s cliffhanger saw GameStop back up and running on Robinhood and other major brokers, though for many the trust may now be broken and they’ll be looking elsewhere. Will retail investors still be feeling the love this week, or will something shiny and new have caught their eye? 

In the crypto markets, the Doge pump seemed done and dusted over the weekend and XRP set to take its place. XRP is now up almost 50% over the last 24 hours, but don’t count Doge out just yet. The coin seems to be getting a second wind after Elon Musk talked it up in his Clubhouse appearance last night. 

Musk seems to be a major catalyst for crypto gains at the moment, with his apparently pro-Bitcoin Twitter bio update on Friday sending the price of Bitcoin soaring almost $6k in little over an hour. He seemed to confirm his position in the same Clubhouse appearance last night. Will we see the markets react in the same way again? What craziness can we expect this week? Stay tuned for even more drama this week. Are you excited? We’re excited.

The Bitcoin Economy

*Definitions and insights can be found at https://bytetree.com/insights/

What bitcoin did yesterday

We closed yesterday, 31 January, 2020, at a price of $33,114.36 – down from $34,269.52 the day before. The bitcoin price has now closed over $30,000 for 30 days in a row and over $20,000 for 45 days in a row.

The daily high yesterday was $34,288.33 and the daily low was $32,270.18. 

This time last year, the price of bitcoin closed the day at $9,350.53. In 2019, it was $3,457.79. 

As of today, buying bitcoin has been profitable for… 

99.9% of all days since 2013-04-28.

Bitcoin market capitalisation

Bitcoin’s market capitalisation is currently $628,549,272,500. That means it remains the 12th largest asset in the world. Silver is up to fifth today, leapfrogging Amazon with a market cap of $1.644 trillion. GameStop is now the 832nd largest asset in the world by market cap at $22.6 billion. That makes it bigger than Carlsberg, Suzuki and Nestle India. What a world. 

Bitcoin volume

The volume traded over the last 24 hours was $60,499,386,695. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained. 

Volatility

The price volatility of bitcoin over the last 30 days is 103.02%.

Fear and Greed Index

Market sentiment remains high, in Extreme Greed at 77. The index has only been outside Greed twice in the last three months. This level of sentiment for this length of time is highly unusual and would usually mean a correction was due, but the index only started in 2018 and has never seen a proper bull run before.

Bitcoin’s market dominance

Bitcoin’s market dominance is currently 62.95. Its lowest ever recorded dominance was 37.09 on 8 January, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 52.31. 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. 

Google trends

The trend in Google searches over the last 90 days. Google shows this chart on a relative basis with a max score of 100 on the day that had the most Google searches for that keyword. The latest score is 62 – taken from 29 January.

Convince your Nan: Soundbite of the day

“I am a supporter of bitcoin. I am late to the party but a supporter. I think bitcoin is on the verge of getting broad acceptance by conventional finance people.”

– Elon Musk, CEO of SpaceX and has Bitcoin in his Twitter bio

What they said yesterday…

At this point, it would be a lot more random for Michael Saylor to talk about anything else

The original WallStreetBets

Bitcoin keeps him young

Credit where it’s due…

Crypto AM: Longer Reads

City AM Markets: What is Decentralised Finance (DeFi) by Aave

Crypto AM: Market View in association with Ziglu

Crypto AM: Technically Speaking in association with with Zumo

Crypto AM: Talking Legal in association with INX 

Crypto AM: Spotlight

Crypto AM: Founders Series 

Crypto AM: Industry Voices 

Crypto AM: Deeper Dives with Liam Roche

Crypto AM: A Trader’s View with TMG

Crypto AM: Tiptoe through the Crypto with Monty Munford 

Crypto AM: Definitively DeFi

Crypto AM: Recommended Events

6th Edition Global Blockchain Conference 

9 February 2021 – Dubai

https://agoragroup.ae/events/global_blockchain_congress_6th_edition

Global DeFi Conference 

10 February 2021 – Dubai 

https://agoragroup.ae/events/global_defi_congress%20

CC Forum

Global Investment in Sustainable Development 

3 – 4 March 2021 – Dubai

https://dubai.cc-forum.com

Global Technology Governance Summit

6 – 7 April 2021 – Tokyo

https://www.weforum.org/events/global-technology-governance-summit-2021

Cautionary Notes

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 08:30am GMT.

Crypto AM Daily in association with Luno

Share: