Bitcoin looks to be consolidating around $19,500 as crypto markets dig in
Bitcoin, the largest cryptocurrency by market cap, has again consolidated in the $19,000 to $20,000 range and is now up by more than 2% over the last week. It is trading at $19,550 this morning.
This price range has received strong support from investors, which is reflected in the Bitcoin spot trading volume over the last 24 hours, up to $28 billion from $19 billion over the previous day.
Ethereum, trading at $1,336, is also in the green, up 1.93% on the day and 4.22% in the last week. For the most part, cryptocurrency prices across the board are up as flickers of positive sentiment ripple across the market, but investors warn that there may be volatility on the horizon, which usually follows prolonged periods of price consolidation.
These price movements can go both ways. Will Bitcoin test $20,000 this week during one of these moves?
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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 $938.009 billion.
What Bitcoin did yesterday
We closed yesterday, October 16 2022, at a price of $19,550.76 The daily high yesterday was $19,635.80 and the daily low was $19,173.33.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $375 billion. To put it into context, the market cap of gold is $10.961 trillion and Tesla is $682.39 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $28.366 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 32.51%.
Fear and Greed Index
Market sentiment today is 22, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.81. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 48.36. 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
“We want France to be the European hub of the crypto asset ecosystem.”
Bruno Le Maire, France’s Minister of Finance
What they said yesterday
NFTS are more than monkey games…
A lot of folks playing the long game…
Time to rethink how you pay for things?
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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
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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