Bitcoin sparks into life after a week of stagnation in crypto markets
Bitcoin is up 1.7% since yesterday and trading above $27k as BTC spot trading volumes surged by almost 40%, while Ethereum (ETH) at 1.85k is up more than 2%.
Third generation cryptocurrencies have followed. Avalanche (AVAX) has gained 3% while Cardano (ADA) is up 2%. This puts most large-cap cryptocurrencies in green territory over seven days.
Why the green candles? Analysts haven’t singled out one specific catalyst for the upward movement, but traditional markets also rose slightly yesterday as US debt ceiling talks between Democrats and Republicans continue to progress, with market commentators noting that investors may be confident that lawmakers will reach a deal.
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 $1.140 billion.
What Bitcoin did yesterday
We closed yesterday, May 22, at a price of $26,851. The daily high yesterday was $27,045, and the daily low was $26,549.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $529.055 billion. To put it into context, the market cap of gold is $12.926 trillion and Visa is $488.639 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $13.709 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 47.99. 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
BTC and ETH divergence?
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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.