Bitcoin and Ethereum level off, but do they have further to fall before the bottom’s in?
Bitcoin has managed to stabilise at just above the $30k mark, having yesterday dropped below the level for the first time since 20 July 2021. It’s currently changing hands for around $30,500 – down five per cent over the past 24 hours.
It’s a similar situation across the crypto markets.
The Ethereum price has performed slightly better, down approximately four per cent since this time yesterday morning to around $2,280. Can they hold, or is there further for the largest cryptocurrency to fall?
The price movement is reflected in the consumer sentiment. The Fear and Greed Index dropped sharply this week and is now at 10. We’ve not seen the sentiment drop lower than this since the ‘Covid crash’ of March 2020. An extremely fearful market has historically presented long-term buying opportunities and is often a time to pay attention and start buying rather than selling.
It’s also worth remembering, though, that the last time the Fear and Greed index touched 10 (January 8, bitcoin fell another 20 per cent before bottoming two weeks later. This clearly shows that extreme fear is not a certain buy signal, but it’s definitely worth paying attention to this sentiment change.
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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 $1.391 trillion.
What Bitcoin did yesterday
We closed yesterday, May 10 2022, at a price of $31,022.91. The daily high yesterday was $32,596.31 and the daily low was $29,944.80.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $594.77 billion. To put it into context, the market cap of gold is $11.757 trillion and Tesla is $828.84 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $57.492 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 40.39%.
Fear and Greed Index
Market sentiment today is 12, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.42. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 31.50. 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 ushering a new era of commerce with truly open, fair and free markets.”
Thibaud Marécha, Vice President at Knox
What they said yesterday
Big picture thinking…
In Bitcoin we trust…
Bitcoin for the community…
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‘Let people invest’: Matt Hancock makes case for liberal crypto rules
Explained: Why the Treasury is so sold on stablecoins
Fears crypto is used to avoid sanctions ‘misplaced,’ says Matt Hancock
Meet the hackers helping people recover lost crypto assets
The cryptocurrency fundraisers behind Ukraine’s military effort
Exclusive: Fireblocks valuation climbs to $8bn in $550m funding round
Crypto crazy couple name baby after favourite digital asset
Bitcoin hashrate touches new all time high
Peter McCormack: Transforming Bedford FC into a global Bitcoin brand
Crypto AM: Features
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
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