Bitcoin sees strong start to the week as investors shake off winter blues
It’s been a strong start to the week in the cryptocurrency markets, with Bitcoin and other major cryptocurrencies all seeing gains of around five per cent today. Some of the more outlandish price predictions for 2021 may require a Christmas miracle at this point, but will we be ushering in 2022 with $50k Bitcoin?
The leading cryptocurrency by market cap, is currently changing hands for just below $49k this morning, up 5.5 per cent since this time yesterday and three per cent since this time last week. Ethereum has also had a good start to the day, up almost seven per cent over the past 24 hours to more than $4k. The second-largest cryptocurrency is now up six per cent over the past seven days.
There doesn’t seem to be any one clear driver for the strong price performance, though it does seem to echo a slight-uptick in sentiment across the global financial markets. In Europe, London’s FTSE is currently tipped to open more than one per cent higher, while the pan-European Stoxx 50 futures are trading 1.5 per cent higher. The last month has seen the crypto market and stock market more closely correlated than it has been for much of the past year. With uncertainty ongoing around the Omicron Covid strain, investors could be hoping that it decouples and branches out on its own over the coming weeks.
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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 $2,249,365,469,642, up from $2,167,566,273,160 yesterday.
What Bitcoin did yesterday
We closed yesterday, December 20 2021, at a price of $46,880.28, up from $46,707.01 the day before. The daily high yesterday was $47,401.72 and the daily low was $45,579.81.
This time last year, the price of Bitcoin closed the day at $22,803.08. In 2019, it closed at $7,191.16.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $916.41 billion. To put it into context, the market cap of gold is $11.374 trillion and Tesla is $903.77 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $31,289,034,396, up from $27,707,170,491 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 57.41%.
Fear and Greed Index
Market sentiment today is 27, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 40.78. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 43.86. 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
“Bitcoin is a technology phenomenon.”
Visa executive, Cuy Sheffield
What they said yesterday
BTC to the rescue…
2022?
Jack’s at it again…
Crypto AM: Editor’s picks
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Bitcoin’s long-awaited Taproot upgrade has arrived
Crypto AM: Features
Crypto AM: Spotlighthttps://morningwire.eu/bumper-set-to-fire-up-its-liquidity-provision-program-today/embed/
Crypto AM: Founders Series https://morningwire.eu/using-blockchain-to-overcome-the-challenge-of-universal-connectivity/embed/
Crypto AM: Industry Voices https://morningwire.eu/the-unforeseen-reputational-risks-of-nfts-and-how-to-avoid-them/embed/
Crypto AM: Contributors
Crypto AM: In Conversation with James Bowaterhttps://morningwire.eu/creating-a-future-of-access-to-financial-tools-for-everyone-with-meld/embed/
Crypto AM: Tomorrow’s Money with Gavin S Brownhttps://morningwire.eu/will-tesla-change-direction-on-bitcoin-again/embed/
Crypto AM: Mixing in the Metaverse with Dr Chris Kacherhttps://morningwire.eu/the-metaverse-is-here-and-even-facebook-is-getting-on-board/embed/
Crypto AM: Visions of the Future, Past & Present with Alex Lightman https://morningwire.eu/e-naira-digitising-nigeria-improving-lives-and-advancing-national-infrastructure/embed/
Crypto AM: Tiptoe through the Crypto with Monty Munford https://morningwire.eu/ive-spotted-curious-similarities-between-bitcoin-and-the-taliban/embed/
Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry
Crypto AM: Parliamentary Special
Part one of two – April 2021https://morningwire.eu/the-government-is-cautious-about-crypto-but-i-think-well-get-there/embed/
Part two of two – April 2021https://morningwire.eu/opening-our-eyes-to-financial-inclusion-for-the-good-of-the-economy/embed/
Five-part series – March 2021
Day one…https://morningwire.eu/financial-services-bill-time-to-act/embed/
Day two…https://morningwire.eu/financial-institutions-should-consider-appointing-ai-officers/embed/
Day three…https://morningwire.eu/dlt-may-not-be-the-silver-bullet-but-its-worth-a-shot/embed/
Day four…https://morningwire.eu/theres-a-real-prize-for-the-uk-to-lead-when-it-comes-to-distributed-digital-id/embed/
Day five…https://morningwire.eu/we-need-to-strap-a-rocket-to-the-governments-fintech-thinking/embed/
Crypto AM: Events
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