Bitcoin price stable around $42k but demand still flat
After breaking through the $43,000 on Tuesday, the price of Bitcoin is stabilising around the $42,000 mark this morning. The leading cryptocurrency is currently changing hands for nearly the same amount as it was 24 hours earlier, down 0.33 per cent to $42,133.
The price of Ethereum also remains nearly the same as it was a day earlier, sitting at close to $2,950.
The stability comes despite falling bitcoin trading volume, with the seven-day average real Bitcoin volume currently just $4 billion. Over the past seven days, we’ve only seen volume exceed $7 billion once. There are particularly significant discrepancies between weekend and weekday trading volumes, suggesting that weekend traders have left the market. What will bring them back?
The reliance on more institutional investors could also explain the increasing correlation between bitcoin and the S&P 500, which reached a new 17-month high on Friday. Bitcoin’s correlation to the S&P 500 has only been higher for five days in Bitcoin’s history.
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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/insights/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1.906 trillion, down from $1.933 trillion yesterday.
What Bitcoin did yesterday
We closed yesterday, March 22 2022, at a price of $42,358.81, up from $41,078.00 the day before. The daily high yesterday was $43,124.71 and the daily low was $40,948.28. This time last year, the price closed at $54,738.94. In 2020 it closed at $6,416.31.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $801.38 billion. To put it into context, the market cap of gold is $12.178 trillion and Tesla is $1.027 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $26.755 billion down from $33.357 billion the day before. 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 58.79%.
Fear and Greed Index
Market sentiment today is 31, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.81. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 55.61. 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.
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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