Bitcoin dominance increases as largest cryptocurrency outstrips alt coins
The price of Bitcoin was back above $30k this morning, currently changing hands for around $30,500 again after seeing a swift uptick last night. It’s up three per cent, though still down three per cent over the past seven days.
The rest of the crypto markets are also showing signs of life, though it’s definitely Bitcoin out in front at the moment. This follows a pattern we’ve seen a lot lately, with Bitcoin’s dominance over the market climbing since the market crashed at the beginning of April. It currently accounts for 47.5 per cent of the total amount invested in the crypto market, which is up from less than 40 per cent at the turn of the year and the highest it has been since last October.
Over the last week, it’s not only correlations within the crypto market that have declined. The correlation between crypto and the S&P 500 have also declined further, as traditional equity markets show signs of recovery while crypto stays flat. This can be seen in investor sentiment, with the sentiment in the crypto market continuing to stay at bottom levels while CNN’s Fear and Greed Index for the stock market started ticking up from the bottom in the middle of May. Will it follow suit? In the long run, could the decoupling actually be cause for celebration?
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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 $1.247 trillion.
What Bitcoin did yesterday
We closed yesterday, June 7 2022, at a price of $31,155.48. The daily high yesterday was $31,489.68 and the daily low was $29,311.68.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $581 billion. To put it into context, the market cap of gold is $11.75 trillion and Tesla is $742.46 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $40,483 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 53.92%.
Fear and Greed Index
Market sentiment today is 17, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 47.36. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 47.44. 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
“Bitcoin is the hardest money that’s ever been created.”
Cynthia Lummis, US Senator
What they said yesterday
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Bitcoin means freedom…
Too many use cases, too little time…
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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