Bitcoin back above $27,000 with conviction as wider crypto markets turn green
Bitcoin continues to find support above the $27k level after the flagship cryptocurrency gained three per cent this morning.
There are definite signs of life as spot trading volumes are more than 20% over the last 24 hours.
Ethereum (ETH) is also up on the day as it holds above the key $1.8k level. It’s significantly greener across the board this morning.
A few worthy mentions: Uniswap is up 4% and Cardano has added 2% to its price. The crypto markets seem upbeat despite ongoing macro volatility around the debt ceiling situation in the US, which, if not resolved, could see the country default on its debt repayments for the first time in history. How will crypto react if this happens? It’s anyone’s guess.
Yesterday’s Crypto AM Daily
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 $1.134 billion.
What Bitcoin did yesterday
We closed yesterday, May 17, at a price of $27,398. The daily high yesterday was $27,465, and the daily low was $26,600.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $528.036 billion. To put it into context, the market cap of gold is $13.062 trillion and Tesla is $551.04 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $15.074 billion.
Fear and Greed Index
Market sentiment today is 51, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 48.05. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 43.70. 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.
Soundbite of the day
Its limited supply, decentralized nature, and widespread adoption have positioned Bitcoin as a favoured choice.
Paolo Ardoino, Tether CTO, on why the company has decided to store profits in BTC
What they said yesterday
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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
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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.