April was a shower, but the Bitcoin forecast for May is looking brighter
It was a rosy start to April for the crypto markets, with the price of Bitcoin seemingly sitting pretty in the $48k area after a strong end to March. However, it wasn’t to last, with the majority of leading cryptocurrencies finishing the month lower. Will May bring better fortunes?
It’s certainly not been quick out the blocks. Bitcoin, the largest cryptocurrency by market capitalisation, continues to change hands for around $38,500 – roughly flat over the past three days and down less than one per cent since this time yesterday. Ethereum is also stuck at around $2,800, which is flat over the past 24 hours. Most other cryptocurrencies are also trading slightly lower this morning.
Despite the flat market, the Crypto Fear & Greed Index has finally moved out of the ‘extreme fear’ zone which suggests investors have been somewhat cheered by Bitcoin’s resilience at this level. Analysts are again pointing to the crypto market’s close correlation with stocks and traditional markets. The S&P 500 fell to a new record low for the year yesterday ahead of another US Federal Reserve meeting, at which it’s expected that Chair Jerome Powell will announce further key interest rate hikes.
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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 $1.742 trillion.
What Bitcoin did yesterday
We closed yesterday, May 2 2022, at a price of $38,529.33. The daily high yesterday was $39,074.97 and the daily low was $38,156.56.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $733.84 billion. To put it into context, the market cap of gold is $11.771 trillion and Tesla is $935.45 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $31.518 billion. 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 32.77%.
Fear and Greed Index
Market sentiment today is 27, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.48. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 46.19. 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
“When I first bought Bitcoin it took me two years of speculation to understand what Bitcoin really was. But once I fully had a grasp of it, it was life-altering.”
Russell Okung, American Football Player
What they said yesterday
Bitcoin on a boat…
It’s never too late…
You do the math…
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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
Part One
https://www.youtube.com/watch?v=dvqNMNZTIDE
Part Two
https://www.youtube.com/watch?v=WXhX_-Tr5j0
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. Morning Wire, 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