Bitcoin returns to a holding pattern as crypto markets pull back from this week’s gains
The leading cryptocurrency by market couldn’t manage to hold the support it found above $27k earlier in the week, dipping 2% in the last 24 hours and starting today back below this key level.
Ethereum (ETH) and the rest of crypto are trading in a similar pattern, some like Avalanche being deeper in the red than others.
The narrative remains the same. Uncertainty around the US debt ceiling talks and regulatory pressure in the country are keeping investors modest, which is reflecting in low trading volumes.
Yesterday’s Crypto AM Daily
In the Markets
The Bitcoin Economy
*Data can be found at https://terminal.bytetree.com/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market this morning was $1.120 billion.
What Bitcoin did yesterday
We closed yesterday, May 23, at a price of $27,225. The daily high yesterday was $27,434, and the daily low was $26,816.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $517.717 billion. To put it into context, the market cap of gold is $13.024 trillion and Visa is $470.36 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $12.345 billion.
Fear and Greed Index
Market sentiment today is 50, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 47.85. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 47.8. 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.
What they said yesterday
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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
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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.