Tuesday 13 April 2021 10:22 am

New all-time high hailed with the cry: "Pay me in Bitcoin!"

Crypto at a glance

What do the Sacramento Kings, Southampton FC, the MicroStrategy Board, TIME Magazine, and Mad Money host Jim Cramer have in common?

They’re all part of this week’s most bullish trend – getting paid in Bitcoin.

Is this the beginning of a new wave of retail and institutional investment?

The push for salaries to be paid in Bitcoin comes as the leading cryptocurrency continues to trade at more than $60,000 this morning, setting a brand spanking new all-time high of more than $62,000.

It’s now held its market cap above $1 trillion for more than 10 consecutive days.

This week’s bullishness is brought to you courtesy of a number of factors that likely includes the impending Coinbase listing. It’s been widely speculated that the US exchange’s direct stock listing tomorrow and the mainstream press coverage it brings is driving a number of newbie investors to put money into cryptocurrencies. Is this a watershed moment, or driving a temporary boost?

It’s a similar story everywhere today, with Ether hitting a new all-time high price at $2,199.87 during trading hours in Asia. Exchange tokens including Binance’s BNB was another big riser, smashing its new all-time high on Monday, surpassing the $610 mark yesterday as it approaches its 15th quarterly token burn. However, BNB is currently down seven per cent over the last 24 hours to $540. XRP also continues to trade high, currently changing hands at around $1.60–up another 13 per cent since yesterday morning.

All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻

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 $2,096,292,465,523, down slightly from $2,104,472,283,297 yesterday.

What Bitcoin did yesterday

We closed yesterday, April 12 2021, at a price of $59,893.45 – down from $60,204.96 the day before.

The daily high yesterday was $61,253.04 and the daily low was $59,589.87.

This time last year, the price of Bitcoin closed the day at $6,971.09. In 2019, it closed at $5,089.54.

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $1.136 trillion, down from $1.140 trillion yesterday. To put that into context, the market cap of gold is $10.949 trillion and Alphabet (Google) is $1.515 trillion.

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $54,619,615,948, up from $46,266,680,404 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 45.7%.

Fear and Greed Index

Market sentiment remains in Greed at 74.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 55.73. Its lowest ever recorded dominance was 37.09 on January 8 2018.

Relative Strength Index (RSI)

The daily RSI is currently 63.03. 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

“I think it is a store hold of value. I think this is a $2 trillion market cap maybe going to $3 trillion.”

Jim Cramer, Host of CNBC’s Mad Money

What they said yesterday

MicroStrategy’s macro strategy…

A clarion call for 2021…

Coin of the year…

*Not financial advice. They’ve been right before though…

Crypto AM Editor Writes

Intelligence dossier finds Bitcoin is outperforming gold but Ethereum is outshining Bitcoin

Ethereum on a roll as it keeps racking up all time highs

Ziglu makes Tezos and digital coin Tez available to customers

Crypto AM: Longer Reads

City AM Markets: What is Decentralised Finance (DeFi) by Aave

Crypto AM: Conversation with James Bowater

Crypto AM: Market View in association with Ziglu

Crypto AM: Technically Speaking in association with Zumo

Crypto AM: A Trader’s View with TMG

Crypto AM: Mixing in the Metaverse with Dr Chris Kacher

Crypto AM: Talking Legal

Crypto AM: Spotlight

Crypto AM: Founders Series

Crypto AM: Industry Voices

Crypto AM: Tiptoe through the Crypto with Monty Munford

Crypto AM: Definitively DeFi

Crypto AM Parliamentary Special Five Part Series

March 2021

Day Five

Day Four

Day Three

Day Two

Day One

Crypto AM: Recommended Events

AIBC World

May 25 to 26 2021 – Dubai

https://aibc.world/events/uae/general-info/

Crypto AM City of London Roundtable

Crypto AM DeFi & Digital Inclusion Summit

&

Crypto AM Awards 2021 (announcement soon)

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.

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