Is this pendulous bull market swinging close to a knife edge?
Crypto at a glance
Is the bull run back on track? Bitcoin closed at over $50,000 last night for the first time in 10 days, marking another small step down the road in the recovery from last week’s losses.
However, it still seems to be teetering on a knife edge, with no decisive moves in either direction apparently incoming. Bitcoin yesterday hit a high of more than $52,500, but is now down below $49,000 again at time of writing. Which way will the pendulum swing next?
The largest cryptocurrency is still technically up so far in March – if it holds onto these gains for the whole month then it would mark the sixth consecutive monthly increase, which is the first time that’s happened in seven years.
The markets generally seem to be at a bit of an impasse at the moment, with none of the double-digit swings we’ve seen recently over the last 24 hours. It’s almost a bit boring.
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In the Markets
| Name | Price | Price Change (24h) | Price Change (7 days) | |
| Bitcoin (BTC) | $50,413.90 | +1.29% | -0.32% | |
| Ethereum (ETH) | $1,582.21 | +0.80% | -4.05% | |
| XRP (Ripple) | $0.4654 | +4.52% | -2.08% | |
| Monero (XMR) | $219.67 | -2.07% | +5.76% | |
| Polkadot (DOT) | $37.10 | -1.67% | +9.57% | |
| Algorand (ALGO) | $1.19 | +2.92% | +10.81% | |
| Cardano (ADA) | $1.21 | -2.47% | +15.00% | |
| Chainlink (LINK) | $29.62 | -2.83% | +8.32% | |
| Aave (AAVE) | $394.83 | -3.13% | +5.35% | |
| UniSwap (UNI) | $28.49 | +6.21% | +12.26% | |
| Celsius (CEL) | $4.71 | -0.77% | -8.66% | |
| Binance Coin (BNB) | $245.33 | -1.87% | -2.24% | |
| Crypto market cap | $1,546,157,049,827 | |||
| MVIS CryptoCompare Digital Assets 100 Large-Cap Index | -1.44 | |||
| MVIS CryptoCompare Digital Assets 100 Small-Cap Index | +1.49 | |||
| MVIS CryptoCompare Ethereum VWAP Close Index | -0.84 | |||
| Prices and data as of [08:30, 4/03/2021] | Source: CryptoCompare.com, MVIS |
The Bitcoin economy
*Definitions and insights can be found at https://bytetree.com/insights/
What Bitcoin did yesterday
We closed yesterday, March 3 2021, at a price of $50,538.24 – up from $48,378.99 the day before. That’s the first time Bitcoin has closed above $50,000 since 22 February.
The daily high yesterday was $52,535.14 and the daily low was $48,274.32.
This time last year, the price of bitcoin closed the day at $8,787.79. In 2019, it was $3,847.18.
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 $939,419,922,465, down from $942,335,371,742 yesterday. That means it is still the eighth largest asset in the world, above Tencent and Facebook. The total market cap of gold is $10.873 trillion at time of writing. Getting closer!
Bitcoin volume
The volume traded over the last 24 hours was $56,995,412,217, up from $48,376,115,752 yesterday. 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 79.81%.
Fear and Greed Index
Market sentiment is up again to 84 today, still in Extreme Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance is 61.80. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is 57.39. 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
“We think we are relatively early to this, at the foothills of a long trend of institutional adoption and financialisation of bitcoin. Think of bitcoin’s bad reputation as a risk premium—as we move through the process of normalisation, regulation, and institutionalisation, the compression of this premium can have a dramatic effect on the price.”
British asset manager, Ruffer, which manages $28.3 billion of investor money, talking in its half year report on Monday
What they said yesterday…
Jack’s back!
At least he didn’t call it a scam, progress is being made
What’s the safe haven here?
Works every time
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Crypto AM: Recommended Events
What’s Next for Crypto Webinar
Baker Botts & Team Blockchain
March 3 2021 17:00 GMT
https://event.on24.com/wcc/r/3025235/72862B4A2DA17F4097395FBA84B845BF
CC Forum
Global Investment in Sustainable Development
March 31 to April 1 2021 – Dubai
Global Technology Governance Summit
April 6 and 7 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.