Bitcoin and Ethereum still singing as NFTs are grabbing the microphone
Crypto at a glance
The exploding – and often baffling – world of NFTs continues to drive prices across several cryptocurrencies but, as is often the case, it’s the bad elements that grab the headlines.
Yesterday, we witnessed how simple it was for a thief to hack Banksy’s own website and set up an NFT auction with what appeared to be the mysterious and anonymous artist’s first piece as a non-fungible token.
Alas, the scam was only exposed after a Banksy super-fan – known simply as ‘Pranksy’ – had parted with $336,000 of Ethereum.
Unlike many digital heists, this one did have a happy ending after an aggrieved Pranksy chased down the hacker and discovered him on Twitter before the Ethereum was returned.
READ MORE: Man who bought fake Banksy has his Ethereum returned by hacker
Albeit as exciting as it was, the story cast a shadow over cryptocurrency and drew attention further away from any good deeds being done through NFTs.
But the bigger question being posed in the cryptocurrency industry is whether or not NFTs – so intertwined with crypto – are becoming too much of a side-track from the main event?
While Ethereum and Solana are basking in the NFT craze – indeed, SOL has now pushed up to become the eight largest crypto asset with a market cap of $32 billion – it would appear that others are simply treading water.
Are some projects just waiting for NFTs to fizzle out or find their own spotlight to perform in?
Either way, it’s certainly not doing too much harm for the time being as most of the boards look a healthy shade of green today.
Bitcoin appears comfortable, lingering in the $47,000 to $47,500 range with a one per cent lift from yesterday, while Ethereum is floating over the $3,500 mark with a seven per cent rise over the last 24 hours, and Cardano is looking steady above $2.80.
The Crypto AM London Blockchain & DeFi Summit and Crypto AM Awards 2021
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Day Two will be summit day (streamed and live audience) at the Leonardo Royal Hotel, St Paul’s, finishing with the black tie gala dinner in the same venue where the winners of the Crypto AM Awards 2021 will be revealed.
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Summit & Awards Announcements
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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 $2,118,055,312,466.
What Bitcoin did yesterday
We closed yesterday, August 31 2021, at a price of $47,166.69 up from $47,054.98 the day before.
The daily high yesterday was $48,189.55 and the daily low was $46,750.09.
This time last year, the price of Bitcoin closed the day at $11,680.82. In 2019, it closed at $9,630.66.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $890.48 billion. To put it into context, the market cap of gold is $11.547 trillion and Facebook is $1.069 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $35,996,847,650, up from $29,964,518,059 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 42.3%.
Fear and Greed Index
Market sentiment today is 71.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.32, Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 55.25. 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
“Over the last 60 years, Visa has built a collection of historic commerce artefacts—from early paper credit cards to the zip-zap machine. Today, as we enter a new era of NFT-commerce, Visa welcomes CryptoPunk #7610 to our collection,”
VISA
What they said yesterday
Greener than gold?
Always progressing…
Saylor. Doesn’t. Stop. Buying. Bitcoin…
Crypto AM: Editor’s pick
Simon Nixon tells Seek Ventures to ramp up Bitcoin investment
Bitcoin breaks $50,000 as ‘Magic Monday’ gives cryptocurrencies a green start to the week
Gibraltar to host first international post pandemic crypto event
CV Labs Partnership launches British crypto firm Evai onto Bittrex global exchange
Crypto AM: Features
Crypto AM: Spotlight
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 AM: Parliamentary Special
Part one of two – April 2021
Part two of two – April 2021
Five-part series – March 2021
Day one…
Day two…
Day three…
Day four…
Day five…
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…
Part two…
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