Most major cryptocurrencies continue to trade sideways this morning, with the price of Bitcoin again holding at just below $22k.
The largest cryptocurrency by market capitalisation was changing hands for $21,700 at time of writing, up 1.61 per cent over the past 24 hours. Ethereum, the second largest, was up 4.31 per cent to $1,707.
Traditional equity markets have also risen slightly over the past 24 hours. The S&P 500 rose 0.22 per cent and the Nasdaq Composite gained 0.52 per cent yesterday.
After a steep drop across the markets last Friday, it seems investors are now playing wait-and-see ahead of the US Federal Reserve’s annual economic symposium on Friday, which may offer clues about future interest rate rises and the direction of the market.
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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 $1.047 trillion.
What Bitcoin did yesterday
We closed yesterday, August 24 2022, at a price of $21,395.02. The daily high yesterday was $21,783.08 and the daily low was $21,195.01.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $415.73 billion. To put it into context, the market cap of gold is $11.724 trillion and Tesla is $930.94 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $31.36 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 46.65%.
Fear and Greed Index
Market sentiment today is 25, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 40.51. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 44.33. 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
“Banks have started to increase their exposure to crypto and blockchain services (some more than others) given increased client demand.”
What they said yesterday
A wonderful ride it’s been…
Launch date set!
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‘Let people invest’: Matt Hancock makes case for liberal crypto rules
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Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: Contributors
Crypto AM: In Conversation with James Bowater
Crypto AM: Tomorrow’s Money with Gavin S Brown
Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
Crypto AM: Visions of the Future, Past & Present with Alex Lightman
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry
Crypto on the catwalk
Crypto AM: Events
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