Bitcoin and Ethereum help drive crypto market cap back above $2 trillion
The total cryptocurrency market cap yesterday returned to hallowed ground above $2 trillion for the first time in nearly three weeks, as market leaders Bitcoin (BTC) and Ethereum (ETH) continue to look strong.
Bitcoin is currently changing hands for around $44,000, up less than a percentage point over the past 24 hours. Meanwhile, Ether – the second-biggest cryptocurrency by market capitalisation – was trading at just below $3,200, a three per cent increase over the same time period.
The price rise follows news that the Russian government and the country’s central bank have reached an agreement to regulate cryptocurrencies rather than ban them. The Russian government released a statement on its official website late Tuesday setting principles for crypto regulation.
A rough translation of an accompanying draft of the document reads: “The establishment of rules for the circulation of cryptocurrencies and control measures will minimise the threat to the stability of the financial system and reduce the use of cryptocurrencies for illegal purposes since a complete ban on the segment of operations related to their circulation is impossible.”
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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/insights/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $2.007 trillion, up from $1.983 trillion yesterday.
What Bitcoin did yesterday
We closed yesterday, February 9 2022, at a price of $44,338.80, up from $44,118.45 yesterday. The daily high yesterday was $44,727.80 and the daily low was $43,232.97.
This time last year, the price of Bitcoin closed the day at $44,918.18. In 2020, it closed at $9,856.61.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $833.35 billion. To put it into context, the market cap of gold is $11.661 trillion and Tesla is $963.23 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $22,585, billion down from $31,097 billion the day before. 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 61.62%.
Fear and Greed Index
Market sentiment today is 50, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.03. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 61.75. 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 insurance against financial catastrophe.”
Legendary investor, Bill Miller
What they said yesterday
Sage words…
If only… 😉
It happened…
History was made that day…
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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