Bitcoin back over $20k after mini breakout as cryptocurrencies counter equity markets
A mini breakout yesterday has seen the price of Bitcoin recover to more than $20k for the first time in ten days. The largest cryptocurrency by market value is currently changing hands for $20,195.83 – an increase of 7.54 per cent since this time yesterday.
The price of Ethereum is up almost an identical amount over the same time period, trading for around $1,384.
The price movements in the crypto markets will give investors in the space particular heart as it means they’ve gone in the opposite direction to falling equity markets, counter to the trend we’ve seen for much of the year of the two moving in tandem.
The Dow Jones Industrial Average (DJIA) and S&P 500 both closed down more than a percentage point, while the tech-heavy Nasdaq fell 0.6 per cent.
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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 $972.349 billion.
What Bitcoin did yesterday
We closed yesterday, September 26 2022, at a price of $19,222.67. The daily high yesterday was $19,274.87 and the daily low was $18,721.29.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $386.98 billion. To put it into context, the market cap of gold is $10.84 trillion and Tesla is $858.66 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $50.797 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 44.28%.
Fear and Greed Index
Market sentiment today is 20, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.41. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 59.93. 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
“The data suggests that many of those attracted by rising prices in 2020 and 2021 stuck around, and continue to invest a significant chunk of their assets in digital assets.”
Chainalysis, 2022 Global Crypto Adoption Index
What they said yesterday
The force is strong…
Cardano making moves…
Tools for the future…
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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