Ethereum outperforming Bitcoin as drawdown nears 300-day milestone
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?
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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 $1.022 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…
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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