Bitcoin climbs to a 2022 high as $48k is breached
The crypto markets today continue their upward march, rising resoundingly above $2 trillion to the highest levels since January.
The price of Bitcoin has risen for the seventh consecutive day, up 12 per cent in the last week to just under $47,500 this morning. Bitcoin peaked north of $48,000 overnight, climbing above its 2022 price record.
Elsewhere, other major cryptocurrencies have also seen further gains over the past 24 hours. The price of Ether, the second-largest cryptocurrency, is currently $3,405 – a roughly 2.5 per cent increase since yesterday morning. The positive price momentum comes even as equity markets remain flat amid ongoing macroeconomic uncertainty, while Gold is down. The tech focused Nasdaq index climbed slightly yesterday, while the FTSE 100 index in London opened 0.8 per cent up.
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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 $2.152 trillion, up from $2.125 trillion yesterday.
What Bitcoin did yesterday
We closed yesterday, March 28 2022, at a price of $47,128.01, up from $46,820.49 the day before. The daily high yesterday was $48,086.84 and the daily low was $46,690.20.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $903.41 billion. To put it into context, the market cap of gold is $12.223 trillion and Tesla is $1.132 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $34.156 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 54.43%.
Fear and Greed Index
Market sentiment today is 56, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.72. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 71.87. 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
“Canadians should have the freedom to use other money, such as Bitcoin.”
Canada candidate for Prime Minister, Pierre Poilievre
What they said yesterday
Confidence…
Can you do it? 😂
It’s about the long game…
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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