Bitcoin and Ethereum retrace as traders take profits
A brief resistance level that was forming around $23,000 seems to have given way, leaving Bitcoin at a still strong $22,691 this morning
The most valuable crypto is up 6.95% over the last week and in the green by 34.46% over a month. Ethereum has slipped by 4.24% since yesterday, trading for $1,551. The CoinDesk Market Index, a good indicator of the state of the general crypto market, has also shed 2.8% in the last day.
Analysts say the pullback is likely due to traders taking profits following the rally.
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 $1.024 trillion.
What Bitcoin did yesterday
We closed yesterday – January 24 – at a price of $22,636. The daily high yesterday was $23,134, and the daily low was $22,549.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $436.28 billion. To put it into context, the market cap of gold is $12.734 trillion and Tesla is $454.36 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $26,833 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 37.43%.
Fear and Greed Index
Market sentiment today is 51, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.65. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 78.79. 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
“The value of Bitcoin will never be negative…It’s not an accident cryptocurrencies, that have some resemblance of [supply] control and mathematics correct, are doing reasonably well”
Federal Reserve Former Chairman, Alan Greenspan
What they said yesterday
Another step towards mass adoption…
A new challenger approaches…
Time flies…
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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
Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry
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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.
All information is correct as of 08:00 BST