Friday 5 February 2021 10:25 am

The Finnish Ghost is Glowing - Aave up 15% in 24hrs to hit all time high!

Crypto at a Glance 

It looks like the DeFi circus is back in town and the acrobats are doing backflips and turning heads left, right and centre. AAVE is up more than 15% over the last 24 hours and yesterday set a new all-time high $506. The protocol is now the second-ranked DeFi platform by total value locked (TVL), reportedly driving by an influx of big institutional players (including, rumour has it, billionaire Mark Cuban). Solana has been another big gainer recently, with the blockchain gaining 85% over the last week and breaking into the top 30, while ADA also continues its winning streak and is currently trading at more than $0.50 for the first time since Feb 2018. 

It’s been a slightly quiet 24 hours for Bitcoin and Ethereum – if you can call $37k and $16k quiet. Ethereum is now the 67th largest asset by market cap, having not even been in the top 100 at the turn of the year. The big event yesterday for bitcoin was Michael Saylor’s big event, which saw him share intimate details around how he bought cryptocurrency as a corporation with a number of interested entities. Is another influx of institutional investors priced in, or is the bull run only just getting started?

In the Markets

The Bitcoin Economy

*Definitions and insights can be found at https://bytetree.com/insights/

What bitcoin did yesterday

We closed yesterday, 4 February, 2021, at a price of $36,926.06 – down from $37,472.09 the day before. 

The bitcoin price has now closed over $30,000 for 34 days in a row and over $20,000 for 49 days in a row.

The daily high yesterday was $38,592.18 and the daily low was $36,317.50. That’s the highest daily high since 15 January.

This time last year, the price of bitcoin closed the day at $9,180.96. In 2019, it was $3,459.15. 

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 currently $699,914,428,733, down from $708,991,905,061 yesterday. That still leaves it lagging behind Facebook and Alibaba as the 12th largest asset by market cap, although it’s by some distance bigger than Goldman Sachs (145th biggest with a market cap of $100 billion.

Bitcoin volume

The volume traded over the last 24 hours was $67,711,201,748, up from $65,102,226,508 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 93.17%.

Fear and Greed Index

Market sentiment remains high, in Extreme Greed at 81.

Bitcoin’s market dominance

Bitcoin’s market dominance is currently 61.67. Its lowest ever recorded dominance was 37.09 on 8 January, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 60.93. 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 not volatile. Fiat is volatile. The price of college is volatile in fiat. But it keeps getting cheaper in bitcoin. The price of prime real estate is very volatile in fiat – but it keeps getting cheaper in bitcoin.”

–  Ross Stevens, the founder and Executive Chairman of NYDIG

What they said yesterday…

Giving Elon a day off

Think it’s probably time Goldman got a grip

Lot of suspicion around Goldman’s motives today

Not long now

To the moon?

Crypto AM: Longer Reads

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

Crypto AM: Market View in association with Ziglu

Crypto AM: Technically Speaking in association with with Zumo

Crypto AM: Talking Legal in association with INX 

Crypto AM: Spotlight

Crypto AM: Founders Series 

Crypto AM: Industry Voices 

Crypto AM: Deeper Dives with Liam Roche

Crypto AM: A Trader’s View with TMG

Crypto AM: Tiptoe through the Crypto with Monty Munford 

Crypto AM: Definitively DeFi

Crypto AM: Events Spotlight 

Crypto AM: Recommended Events

Bitcoin for Corporations – MicroStrategy 

3 February 2021 – online – 12.00 – 16:45 EST

https://www.microstrategy.com/en/resources/events/world-2021/bitcoin-summit

6th Edition Global Blockchain Conference 

9 February 2021 – Dubai

https://agoragroup.ae/events/global_blockchain_congress_6th_edition

Global DeFi Conference 

10 February 2021 – Dubai 

https://agoragroup.ae/events/global_defi_congress%20

CC Forum

Global Investment in Sustainable Development 

3 – 4 March 2021 – Dubai

https://dubai.cc-forum.com

Global Technology Governance Summit

6 – 7 April 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.

Crypto AM Daily in association with Luno

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