Bitcoin picks up, but volumes remain low
It was a better day in the crypto markets yesterday, with prices largely increasing across the board. The price of Bitcoin, the leading cryptocurrency by market cap, is up three per cent over the past 24 hours to around $41,100. The Ethereum price is also up almost two per cent, currently changing hands for around $3,100.
The upturn in fortunes again corresponds with traditional markets, with the tech-heavy Nasdaq climbing more than two per cent. The crypto markets and stocks seemed to decouple in March, but it seems this narrative is now back with more vengeance than ever as the Fed looks to raise interest rates in the face of soaring inflation.
Despite yesterday’s positive price movement, demand remains low. The seven-day average real Bitcoin trading volume currently sits at $2.8 billion, the lowest level since December 2020. Spot volumes have been trending down generally for the last few months, but there’s been a particularly sharp decline over the past seven days – especially the last weekend, with just $1 billion worth of Bitcoin changing hands last Saturday. What will spark a return of the excitement we saw last year?
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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 $1.916 trillion, up from $1.876 trillion yesterday.
What Bitcoin did yesterday
We closed yesterday, April 13 2022, at a price of $41,166.73, up from $40,127.18 the day before. The daily high yesterday was $41,430.05 and the daily low was $39,712.75. This time last year, the price of Bitcoin closed at $63,109.70. In 2020 it closed at $6,842.43.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $783.55 billion. To put it into context, the market cap of gold is $12.542 trillion and Tesla is $1.056 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $27,618 billion down from $29.280 billion yesterday. 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 39.54%.
Fear and Greed Index
Market sentiment today is 28, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.66. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 42.51. 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
“I’d be fine with making Bitcoin legal tender. This is an incredibly blossoming industry.”
US senator Ted Cruz
What they said yesterday
Watch this space 👀
And the list is growing…
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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