Bitcoin and wider crypto markets take a breather
The green candle party of the last two weeks lost steam yesterday as Bitcoin recorded its first noteworthy drawdown in a while. The largest crypto by market cap is trading for $20,789 this morning, down by 2.25% over 24 hours, while Ethereum is in the red by 3.32%, changing hands for $1,527.
While most of crypto is still holding on to its substantial gains over seven days, there is a general decline in the numbers since yesterday.
The latest market movements are in line with what’s been happening in equities, with the DowJones recording its worst day yesterday in more than a month. Analysts say creeping doubt about inflation and interest rates has resulted in the slide.
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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 at time of writing is currently $969.015 billion.
What Bitcoin did yesterday
We closed yesterday, January 18, at a price of $20,688. The daily high yesterday was $21,564, and the daily low was $20,541.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $400.203 billion. To put it into context, the market cap of gold is $12.633 trillion and Tesla is $415.21 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $29.726 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 32.6%.
Fear and Greed Index
Market sentiment today is 45, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.34. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 74.19. 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 the ever-rising wave, a singularly unique economic phenomenon.”
Robert Breedlove, analyst and podcaster
What they said yesterday
Knowledge is power…
Person to person, state by state, country by country…
The more you know…
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Crypto AM: Contributors
Crypto AM: In Conversation with James Bowater
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Crypto AM: Visions of the Future, Past & Present with Alex Lightman
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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