Bitcoin price flat again, but volumes are rising
Bitcoin is again changing hands for around $30k this morning, down three per cent over the past 24 hours and four per cent over the past seven days.
The Ethereum price is also still hovering just above the $2,000 mark, down a similar amount since this time yesterday. The Fear and Greed Index is still at rock bottom, but it is up from record lows seen yesterday, up from ‘8’ to ’12’ this morning, suggesting that investor sentiment is at least moving in the right direction.
The seven-day average real Bitcoin spot volume continues to increase and is now sitting just below this year’s high from January.
Four of the previous seven trading days saw more than $10 billion in volume, as the general fearfulness in the financial markets spurred increased trading activity. As usual, volumes calmed down over the weekend, but we still saw almost twice as high volumes as the average weekend volume in April. Will improved sentiment now translate into an uptick in demand?
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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 $1.283 trillion.
What Bitcoin did yesterday
We closed yesterday, May 2022 17, at a price of $30,425.86. The daily high yesterday was $30,694.49 and the daily low was $29,570.30.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $568.42 billion. To put it into context, the market cap of gold is $11.517 trillion and Tesla is $789.03 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $29.428 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 55.95%.
Fear and Greed Index
Market sentiment today is 12, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.54. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 33.78. 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 don’t have to have this big giant massive collapse. It just organically blows up, one-by-one, as people move to a harder, sounder money. And in the process, Bitcoin becomes a black hole on the world’s balance sheet.”
Trace Mayer, Host of Bitcoin Knowledge podcast
What they said yesterday
Bitcoin FTW…
He’s got a point…
How time flies…
Crypto AM: Editor’s picks
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Fears crypto is used to avoid sanctions ‘misplaced,’ says Matt Hancock
Meet the hackers helping people recover lost crypto assets
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Crypto crazy couple name baby after favourite digital asset
Bitcoin hashrate touches new all time high
Peter McCormack: Transforming Bedford FC into a global Bitcoin brand
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
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