Bitcoin back above $23k as investor sentiment improved
The price of bitcoin is back above $23k this morning, up 2 per cent over the past 24 hours at time of writing. Ethereum and other major cryptocurrencies have also seen a small bounce, with the price of Ethereum up 4 per cent to around $1,650.
The Fear and Greed Index has looked a bit peppier of late though, suggesting improved investor sentiment. It sits at 34 today after briefly hitting a top of 42 on Saturday. This marks the highest market sentiment peak since April. This slow market sentiment growth is in stark contrast to how the market sentiment rapidly exploded from the ‘extreme fear’ level to ‘extreme greed’ during the bull market of late 2021. Market participants are increasingly less bearish, but exercise caution after a slow start to the summer.
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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
$1.069 trillion.
What Bitcoin did yesterday
We closed yesterday, August 1 2022, at a price of $22,978.12. The daily high yesterday was $23,415.04 and the daily low was $22,710.08.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $443.12 billion. To put it into context, the market cap of gold is $11.77 trillion and Tesla is $41.87 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $27.104 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 54.62%.
Fear and Greed Index
Market sentiment today is 34, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.27. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 54.69. 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
“A tipping point in adoption will soon be reached, as risks are managed proactively.”
Gartner, Hype Cycle for Blockchain and Web3, 2022
What they said yesterday
All that glitters
All eyes on BTC
$12, not a bad price
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Cautionary NotesIt’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