Bitcoin breaches $23,000 as line of resistance begins to weaken
Bitcoin is up another per cent since yesterday, trading on an undulating line around $23,000 this morning, and 9% higher over seven days.
Ethereum is going for $1,635, having slowed down somewhat over 24 hours. It signals a diversion between Ethereum and Bitcoin, the latter outpacing the original smart contracts crypto in recent days.
The CoinDesk Market Index, a broad-based index measuring the movements of the entire crypto market, is up 1.24% over 24 hours.
Investor optimism over the future outlook of the economy seems to be the main driver behind the current rally, analysts say.
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 this morning was $1.058 trillion.
What Bitcoin did yesterday
We closed yesterday – January 23 – at a price of $22,934. The daily high yesterday was $23,126, and the daily low was $22,654.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $441.96 billion. To put it into context, the market cap of gold is $12.804 trillion and Tesla is $453.92 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $26,518 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 36.77%.
Fear and Greed Index
Market sentiment today is 52, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.08. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 82.46. 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
“When you hand me a dollar, it can be fake. When you trade me gold, it can be fake. When you send Bitcoin to my wallet, it has to be real. If it’s not, it just won’t work and I’ll know immediately I didn’t get paid in legitimate currency. It’s a purely trustless system.
Romoloo, Author of Bitcoin Only newsletter
What they said yesterday
Crypto wallets at Best Buy…
In-game economies will never be the same…
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Crypto AM: Editor’s picks
Sam Bankman-Fried: A tissue of lies soaked with fake tears?
Three-in-four wealth managers are gearing up for more cryptocurrency exposure
Crypto.com granted FCA licence to operate in UK
Q&A with Duncan Coutts, Principal Technical Architect at IO Global
Jamie Bartlett – on the trail of the missing ‘Cryptoqueen’
MPs are falling silent over potential of cryptocurrency
Erica’s ‘Crypto Wars’ handed honours in Business Book Awards
‘Let people invest’: Matt Hancock makes case for liberal crypto rules
Explained: Why the Treasury is so sold on stablecoins
Fears crypto is used to avoid sanctions ‘misplaced,’ says Matt Hancock
The cryptocurrency fundraisers behind Ukraine’s military effort
Crypto AM: Features
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
Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry
Crypto on the catwalk
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