Bitcoin retakes $19k after yesterday’s market unease
The price of Bitcoin yesterday briefly dipped into $18,000 territory but quickly retook $19,000 and is trading at $19,105 this morning.
Ethereum is also bobbing around in the trading doldrums at $1,294, up 0.96% on the day.
It’s a similar story for many other cryptocurrencies, which have shown price increases or dips very close to 0% over 24 hours. Ripple is up 0.02% since yesterday, Chainlink hasn’t moved from $7.23, while Cardano is down 0.75% on the day. Solana is following a similar pattern, dropping a negligible 0.97% from yesterday’s price, trading for $31 this morning.
There seems to be a lingering unease in the markets as investors wait to see what happens with the geopolitical climate, while also closely watching inflation numbers. This is reflected in the Fear and Greed Index, which is down to 20 today, reflecting Extreme Fear this morning.
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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 $922.247 billion.
What Bitcoin did yesterday
We closed yesterday, 10 October 2022, at a price of $19,051.42. The daily high yesterday was $19,241.96 and the daily low was $18,925.60.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $366.28 billion. To put it into context, the market cap of gold is $11.045 trillion and Tesla is $673.53 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $27.311 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 37.16%.
Fear and Greed Index
Market sentiment today is 20, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.37. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 48.06. 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
“Our focus is making it frictionless for all customers to take advantage of our scalability, reliability, security, and data services, so they can focus on innovation in the Web3 space.”
Thomas Kurian, CEO of Google Cloud, announcing that the company will start accepting crypto for its cloud services
What they said yesterday
Going according to plan…
Rethink the narrative…
Approved by the guardians of the internet…
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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