Bitcoin and Ethereum drifting sideways as fears over Shanghai upgrade are yet to play out
Bitcoin is again trading below the psychological $30k threshold after a strong push over the past week. The dip comes as investors have shied away from riskier assets, possibly due to strong plays by traditional safe-haven investments like the US Dollar and treasuries.
The recent Ethereum Shanghai upgrade has yet to have the feared ill effects on the second-largest crypto in market value, as Ether continues to trade in the green above $2k. Other major cryptos are mostly flat today with general market sentiment showing a slight uptick of 0.1%.
Bitcoin may be finding new ground as the recent push above $30k failed to gather support. Traders who bet on the price of Bitcoin going up have liquidated over $32 million worth of BTC long positions since Sunday evening, versus $1 million of BTC short positions. This scenario has historically led to a drawdown in price.
Yesterday’s Crypto AM Daily in association with Luno
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 $1.26 billion.
What Bitcoin did yesterday
We closed yesterday, April 17, at a price of $29,445. The daily high yesterday was $30,319, and the daily low was $29,275.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $576.484 billion. To put it into context, the market cap of gold is $13.295 trillion and Tesla is $592.78 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $15.144 billion. High volumes can indicate that a significant price movement has stronger support.
Fear and Greed Index
Market sentiment today is 58, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 46.92. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 60.12. 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
Stablecoins have become an important piece of the puzzle in driving Bitcoin and crypto adoption providing a way through which fiat enters and exits the market.
Glassnode
What they said yesterday
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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.