Bitcoin continues to hold above $20,000, trading at around $20,400 this morning.
The leading cryptocurrency is now up more than one per cent over the past 24 hours and five per cent over the past seven days, as it continues to recover from last week’s dip below the psychologically important $20k mark.
After earlier in the month appearing to recover its grip over the market, Bitcoin’s dominance has since dropped back from 48 per cent to around 43 per cent as other major cryptocurrencies have recovered at a faster rate.
The price of Ethereum, the second-largest cryptocurrency by market cap, is up three per cent this morning to $1,170. Other major cryptocurrencies – including Solana and Cardano – are also up around three per cent since this time yesterday.
Again, crypto markets seem to be tracking major equity markets as they’ve done far more often than not in recent months. The tech-focused Nasdaq, S&P 500 and Dow Jones Industrial Average all closed up, albeit slightly.
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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 $919 billion.
What Bitcoin did yesterday
We closed yesterday, July 6 2022, at a price of $20,548.25. The daily high yesterday was $20,595.53 and the daily low was $19,823.51.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $390 billion. To put it into context, the market cap of gold is $11.497 trillion and Tesla is $720.49 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $21,961 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 72.05%.
Fear and Greed Index
Market sentiment today is 18, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.40. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 41.84. 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
“If crypto is going to be widely adopted, it needs some rules of the road & a cop on the beat to enforce them.”
Gary Gensler, Chairperson, US Securities and Exchange Commission
What they said yesterday
Never forget the fundamentals…
Short and sweet…
How many terms do you know?
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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