It was a solid weekend in the crypto markets, with the price of Bitcoin continuing to push higher and yesterday sealing its highest weekly close since mid-June.
Bitcoin, the largest cryptocurrency by market capitalisation, held above $24k on both Saturday and Sunday, setting highs of just below $25k. It has retreated somewhat this morning, down 2.5 per cent since this time yesterday at time of writing to $24,054. Can it break the $25k mark again this week?
The stronger price performance follows the announcement last week of better-than-expected US inflation figures last week. Stock markets have also looked stronger since the announcement, with both the Nasdaq and S&P 500 closing last week higher.
Other major cryptocurrencies were also up, with the price of Ethereum tipping over $2k for the first time since May. It’s dropped back more since then, down five per cent over the past 24 hours at time of writing.
Ethereum, the second largest cryptocurrency by market cap, completed its third and final test environment network (testnet) merge, Goerli last Wednesday, as it continues to progress towards its upcoming move to a proof of stake consensus mechanism.
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Friday’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 $1.140 trillion.
What Bitcoin did yesterday
We closed yesterday, August 14 2022, at a price of $24,319.33. The daily high yesterday was $24,974.91 and the daily low was $24,206.26.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $459.8 billion. To put it into context, the market cap of gold is $11.893 trillion and Tesla is $940.13 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $29.037 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 48.79%.
Fear and Greed Index
Market sentiment today is 45, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 40.93. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 58.44. 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
‘Bitcoin is the natural evolution of Money & Humanity’
Khalil Nur Khalil , Govt official in Kaduna, Nigeria
What they said yesterday
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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