Bitcoin back below $20k, but will October bring better fortunes?
The price of Bitcoin failed to hold above $20k yesterday, slipping back to Monday’s levels after what proved to be a fleeting break above the psychologically-important landmark.
The largest cryptocurrency by market value is changing hands for around $18,750 this morning, down more than seven per cent since this time yesterday. The price of Ethereum followed a similar trajectory, down more than seven per cent to $1,280.
October is historically a bullish month, especially relative to September, which has actually been relatively flat in terms of price performance for Bitcoin compared to previous years.
Indeed, Bitcoin has outperformed other major asset classes, as macroeconomic events continue to destabilise financial markets. Investors remain concerned by rising inflation and the likelihood of further interest rate rises and global recession.
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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 $914.358 billion.
What Bitcoin did yesterday
We closed yesterday, September 27 2022, at a price of $19,110.55. The daily high yesterday was $20,338.46 and the daily low was $18,915.67.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $359.38 billion. To put it into context, the market cap of gold is $10.748 trillion and Tesla is $880.22 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $55.093 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 46.02%.
Fear and Greed Index
Market sentiment today is 20, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 40.87. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 49.89. 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
“Money can not be created out of thin air. Creating money can not be free. I like money that is bound to the physical world with energy. Call me crazy, but I prefer something like that”
Jack Mallers CEO of Bitcoin investment and payments company Zap
What they said yesterday
Cause and effect…
Simple…
Mesmerising…
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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 on the catwalk
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
https://www.youtube.com/watch?v=dvqNMNZTIDE
Part Two
https://www.youtube.com/watch?v=WXhX_-Tr5j0
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