Bitcoin and Ethereum down as uncertainty around macro events lingers
Bitcoin continues to retrace slightly as macro-economic events hold sway over crypto and traditional markets.
The leading crypto by market cap is again changing hands for less than $27k, as Ethereum (ETH) trades sideways above $1.8k. Notably, XRP has gained 5%+ in the last 24 hours.
Investors continue to keep a close eye on the debt ceiling dilemma in the US, while crypto markets find themselves in what one analyst called a “wind tunnel”, having to push forward against regulatory uncertainty and a difficult economic climate.
Despite it all, long-term investors continue to accumulate and hang onto their BTC, according to recent findings by Glassnode.
“The current strong uptrend demonstrates that conviction remains high within the ecosystem,” the firm said in an update last week.
“The long-term holder supply has been growing for about 12 months and sits at a record high of 13.4 million BTC. In other words, long-term, high-conviction investors are holding tightly to their coins despite market volatility.”
Yesterday’s Crypto AM Daily
In the Markets
The Bitcoin Economy
*Data can be found at https://terminal.bytetree.com/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market this morning was $1.122 billion.
What Bitcoin did yesterday
We closed yesterday, May 16, at a price of $27,036. The daily high yesterday was $27,299, and the daily low was $26,878.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $519.473 billion. To put it into context, the market cap of gold is $13.142 trillion and Tesla is $527.78 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $12.448 billion.
Fear and Greed Index
Market sentiment today is 50, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 47.89. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 38.73. 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.
Soundbite of the day
By observing the actions of these long-term holders, you can gain insights into the #sentiment of seasoned market players and make more informed decisions about your own investments. The long-term holder supply has been growing for about 12 months and sits at a record high of 13.4 million BTC.
Glassnode, on-chain analytics firm
What they said yesterday
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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
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Crypto AM: Events
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.