It was shaping up to be one of the stronger months of the year in the crypto markets, with the price of Bitcoin (BTC) pushing back up towards the $25k mark.
However, after Friday’s drop the price has largely been stuck at just above the $21k market. The largest cryptocurrency by market capitalisation is flat again over the past 24 hours, changing hands for $21,324 this morning.
The current Bitcoin drawdown has now lasted for 287 days, and we are currently down 70 per cent from the all-time high. The 2018 and 2014 bear markets lasted for 12-13 months, with maximum drawdowns of 85 per cent. Is there further to fall, or has the tide turned?
Ethereum has significantly outperformed Bitcoin during the past couple of months, seeing its market share peak above 20 per cent just seven days ago. However, ETH has underperformed against all the major cryptocurrencies over the past seven days, dropping 14 per cent this time last week, leading its market share to drop by almost one percentage point. Will the long-awaited upgrade to how it verifies transactions and events make a difference?
Have you booked your tickets for the Crypto AM Summit and Awards? Click here… Crypto AM Summit & Awards 2022 – CityAM
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 $1.022 trillion.
What Bitcoin did yesterday
We closed yesterday, August 23 2022, at a price of $21,528.09. The daily high yesterday was $21,646.20 and the daily low was $20,955.14.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $407.83 billion. To put it into context, the market cap of gold is $11.605 trillion and Tesla is $928.92 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $32.059 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 48.94%.
Fear and Greed Index
Market sentiment today is 25, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 40.71. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 40.39. 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
“Three eras of currencies: commodity based, government based, and math based.”
Chris Dixon, Founder, a16z Crypto
What they said yesterday
Reframing the conversation…
Putting things in perspective…
Bitcoin has come a long way…
Would you like to help spread the adoption and education of Bitcoin in the UK and even stack some Sats while you’re doing it? Well, now you can!
The Bitcoin Pioneers community, backed by Barry Silbert’s Digital Currency Group, was created to introduce Bitcoin to a mainstream audience in a meaningful way and now has members right across the UK.
We share tips, stories and ideas on how to encourage others to try Bitcoin for the first time. And, thanks to support from Luno, each Pioneer gets £500 of Bitcoin a month to share with beginners, helping them get started.
So, if you’re passionate about Bitcoin, why not join today? Click here to find out more!
All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻
Crypto AM: Editor’s picks
Crypto.com granted FCA licence to operate in UK
Q&A with Duncan Coutts, Principal Technical Architect at IO Global
Jamie Bartlett – on the trail of the missing ‘Cryptoqueen’
MPs are falling silent over potential of cryptocurrency
Erica’s ‘Crypto Wars’ handed honours in Business Book Awards
‘Let people invest’: Matt Hancock makes case for liberal crypto rules
Explained: Why the Treasury is so sold on stablecoins
Fears crypto is used to avoid sanctions ‘misplaced,’ says Matt Hancock
The cryptocurrency fundraisers behind Ukraine’s military effort
Crypto crazy couple name baby after favourite digital asset
Crypto AM: Features
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: Contributors
Crypto AM: In Conversation with James Bowater
Crypto AM: Tomorrow’s Money with Gavin S Brown
Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
Crypto AM: Visions of the Future, Past & Present with Alex Lightman
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry
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