The price of Bitcoin (BTC) has climbed for a third consecutive day, hitting highs not seen since mid June. The largest cryptocurrency by market capitalisation is up around three per cent over the past 24 hours this morning, changing hands for more than $22k.
Other major cryptocurrencies have also seen a promising start to the week, with the price of Ethereum (ETH) currently trading just below $1,500 – the highest it’s been for more than a month. The second largest cryptocurrency by market cap is now up eight per cent since this time yesterday and 29 per cent since this time last week.
Ethereum’s positive price moves come amid rumours that its transition to proof-of-stake (PoS) mining could soon complete. On Thursday, the Ethereum network successfully ran one of the last tests before the so-called ‘Merge’, which will transition the entire Ethereum network onto a PoS consensus mechanism that it’s hoped will make the second-largest cryptocurrency more sustainable in the long term.
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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 $1.009 trillion.
What Bitcoin did yesterday
We closed yesterday, July 17 2022, at a price of $20,779.34. The daily high yesterday was $21,600.64 and the daily low was $20,778.18.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $423 billion. To put it into context, the market cap of gold is $11.26 trillion and Tesla is $746 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $30,252 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 49.8%.
Fear and Greed Index
Market sentiment today is 20, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.92. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 57.42. 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
“I think the Internet is going to be one of the major forces for reducing the role of government. The only thing that’s missing is a reliable form of e-cash”
Milton Friedman, American Economist
What they said yesterday
Peer-to-peer payments in action…
Can you spot yours?
Competition drives innovation…
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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