Crypto at a glance
The Bitcoin price is up around two per cent over the last 24 hours to just below $35,000, as it continues to plod along in the same narrow range between $33,000 to $36,000 that we saw over the weekend and much of the week before. Is Bitcoin getting boring now?
It may not be boring for long. Yesterday, we noted that large Bitcoin holders were increasingly adding to their already-plentiful stashes – a bullish signal for the price. Today, there are more positive signs to report. The balance held on centralised exchanges fell to 2.577 million BTC on Sunday, which is the lowest it’s been since May 16, according to data tracked by Glassnode. This means there are now fewer Bitcoins available, which can indicate that investors are taking direct custody of their Bitcoins in anticipation of a price rise. Is there excitement on the horizon?
There’s no need to look to the horizon for excitement if we look down the crypto rankings. Ethereum is still charging ahead, currently changing hands for around $2,340. That’s up more than two per cent since yesterday morning. Can it continue to increase?
Ethereum’s smart contract competitors are also looking strong at the moment, with Cardano (ADA) in particular bouncing along nicely after the weekend’s Grayscale news. It’s up at $1.44 again today. Can it hit $1.50 again for the first time since mid June?
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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 $1,462,932,006,912.
What Bitcoin did yesterday
We closed yesterday, July 5 2021, at a price of $33,746.00, down from $35,287.78, the day before.
The daily high yesterday was $35,284.34 and the daily low was $33,213.66.
This time last year, the price of Bitcoin closed the day at $9,375.47. In 2019, it closed at $11,208.55.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $650.46 billion. To put it into context, the market cap of gold is $11.465 trillion and Facebook is $1.005 trillion.
The total spot trading volume reported by all exchanges over the last 24 hours was $25,883,375,435 down from $26,286,011,736 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 80.67%.
Fear and Greed Index
Market sentiment today is 20.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 45.25, Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 47.99. 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
“For me, Bitcoin changes absolutely everything. What I’m drawn to most about it is the ethos, what it represents. The conditions that created it are so rare and so special and so precious and I don’t think there’s anything more important in my lifetime to work on. I don’t think there’s anything more enabling for people around the world.”
– Jack Dorsey, Twitter CEO
What they said yesterday
A Bitcoin patriot…
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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