Tuesday 23 March 2021 10:46 am

Red skies for Bitcoin - danger or delight? Meanwhile XRP finds (well) hidden strength as THETA breaks the top ten

Crypto at a glance

There seems to be a pattern emerging with Bitcoin at the moment – rise to a crescendo all week, reach or come close to a new all-time high, then retreat and go again. Will this week follow a similar routine or will the cycle be broken, one way or another?

It was certainly a bloody Monday in the crypto markets, with Bitcoin seeing its sharpest 24 hour drop in more than a month. The leading cryptocurrency plummeted from over $60k on Saturday down to almost $53k overnight – its lowest level since March 16. Bitcoin’s market cap even briefly dipped below $1 trillion for the first time in nearly two weeks.

Things seem to have stabilised again for the time being around the $54k mark. Will institutions see this as another opportunity to buy the dip and right the ship ahead of another run up to $60k and perhaps beyond, or are we set for another week of sideways trading or even further losses?

It’s not all bad news, though. While several of the larger caps including Ethereum and Cardano have dropped off the pace in tandem with Bitcoin, XRP continues to show strength and is up 10% over the last 24 hours. Can it make up ground and recover the third spot it held for so long until recently?

In something of a Cinderella story, THETA has also broken the top 10 for the first time. THETA is the cryptocurrency of the Theta blockchain – an end-to-end infrastructure for decentralized video streaming and delivery. It’s gained nearly 70% in the last seven days and pushes Chainlink out of the top 10. Can it continue to rise? It’s now within touching distance of Litecoin, which would mark a remarkable turnaround and push another old favourite even further down ranks.

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In the markets

NamePricePrice Change (24h)Price Change (7 days) 
Bitcoin (BTC)$54,205.05-6.42%-1.57% 
Ethereum (ETH)$1,678.70-6.64%-6.36% 
XRP (Ripple)$0.5712+10.00%+16.74% 
Monero (XMR)$216.69-7.77%-1.61% 
Polkadot (DOT)$35.21-5.18%+3.68% 
Algorand (ALGO)$1.10-9.85%-6.14% 
Cardano (ADA)$1.12-6.66%+7.86% 
Chainlink (LINK)$27.16-6.95%-2.79% 
Aave (AAVE)$340.99-8.30%-7.28% 
UniSwap (UNI)$33.72+2.67%+16.20% 
Celsius (CEL)$4.90-1.64%+0.87% 
Binance Coin (BNB)$256.38-3.88%+2.51% 
     
Crypto market cap$1,694,186,775,514   
     
MVIS CryptoCompare Digital Assets 100 Large-Cap Index-4.83   
MVIS CryptoCompare Digital Assets 100 Small-Cap Index-6.39   
MVIS CryptoCompare Ethereum VWAP Close Index-6.16   
Prices and data as of [08:30, 23/03/2021]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 22 2021, at a price of $54,529.15 – down from $57,523.42 the day before. It’s now 16 days in a row that the price has closed above $50,000.

The daily high yesterday was $58,471.48 and the daily low was $54,288.16.

This time last year, the price of Bitcoin closed the day at $5,830.25. In 2019, it closed at $4,023.97.

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 $1,011,403,408,278, down from $1,077,071,644,262 yesterday. To put that into context, the market cap of gold is $11.041 trillion and Alphabet (Google) is $1.372 trillion.

Bitcoin volume

The volume traded over the last 24 hours was $62,955,883,802, up from $48,483,428,262 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 69.37%.

Fear and Greed Index

Market sentiment is back down in Greed at 66.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 60.86. Its lowest ever recorded dominance was 37.09 on January 8 2018.

Relative Strength Index (RSI)

The daily RSI is currently 50.21. 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

“New investors will keep pumping the price, but the rush of new shares that deflates a soaring stock can’t happen.”

– Jordan Belfort, former penny stock trader and quaalude king

What they said yesterday

Crypto AM Editor writes

Sophia the robot to become next NFT sensation

Can Bitcoin hit $60,000 this week

Bitcoin mounts fresh assault on $55k

Institutions are driving cryptocurrency

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

CC Forum

Global Investment in Sustainable Development

March 31 to April 1 2021 – Dubai

https://dubai.cc-forum.com

Global Technology Governance Summit

April 6 to 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.

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