Bitcoin still climbing as it clings to fingerhold above $29,000
It’s been a spluttering week for Bitcoin investors, with the leading cryptocurrency dipping as low as $27k over the weekend.
Yesterday saw something of a reversal in fortunes, with Bitcoin climbing back up above $29,000 for the first time in a week. The market leader came within a hamster sneeze of $30k, before dropping back to around the $29k mark where it languishes this morning. Can it continue to push back and establish itself past $30k again?
The uptick comes as concerns over US banking stability again flare up, with shares of First Republic Bank (FRC) dropping 50% on Tuesday after the San Francisco-based lender announced that customers had withdrawn in excess of $100 billion last month. Bitcoin’s recent rise to $30k in recent months followed similar issues in the banking issues, with the collapse of Silicon Valley Bank seen by some analysts as the catalyst.
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 $1.195 billion.
What Bitcoin did yesterday
We closed yesterday, April 26, at a price of $28,422.70. The daily high yesterday was $29,995, and the daily low was $27,324.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $559.81 billion. To put it into context, the market cap of gold is $13.25 trillion and Tesla is $487.31 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $34.931 billion.
Fear and Greed Index
Market sentiment today is 59, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 47.42. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 47.93. 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.
Soundbite of the day
Why Bitcoin? Because I’ve come to the conclusion that if you want a true open, interoperable protocol for money on the internet, which is what we’re trying to help build here, it has to be built on something that literally no one controls. Bitcoin is the only network and asset that fits the bill when you think about it that way. There’s no consortium of companies. There’s no people at the helm. There’s no leader. There’s Satoshi Nakamoto, but who knows who they or he or she is? And that’s kind of all of the value of the network.
David Marcus, Lightspark CEO
What they said yesterday
Strong words…
Forward thinking…
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Crypto AM: Founders Series
Crypto AM: Industry Voices
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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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.