Bitcoin trading flat as inflation keeps investor emotions in check
It’s gone quiet in the last few days, especially compared to the price action that pushed Bitcoin and a few other cryptocurrencies into double-digit growth in the past weeks.
Bitcoin is trading for $23,380 this morning, a gradual decline of 6% over seven days, but up on the day by a little over half a percent. Ethereum is holding strong above the $1,630 level, trading in the green by around 2% since yesterday.
Other large cap cryptocurrencies are trading in a similar range, the majority of these coins either marginally in the red, or in the green over 24 hours, but sliding over a longer timeframe.
It is set to be another period dictated by US inflation data with the latest numbers in the Consumer Price Index (CPI), along with jobless claims to be released mid-March. Expect markets to react, say the analysts.
Friday’s Crypto AM Daily in association with Luno
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 $1.070 billion.
What Bitcoin did yesterday
We closed yesterday, February 26, at a price of $23,561. The daily high yesterday was $23,654.37, and the daily low was $23,084.22
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $451,893 billion. To put it into context, the market cap of gold is $12.007 trillion and Tesla is $622.94 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $17,894 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 39.32%.
Fear and Greed Index
Market sentiment today is 50, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.91. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 54.13. 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 fam: Soundbite of the day
“There are about $160 billion in stablecoins currently residing in various wallets and pools and projects across the crypto space. Much of it is unused, belonging to owners biding their time until opportunity knocks.”
Steven Boykey Sidley, author of Beyond Bitcoin: Decentralised finance and the end of banks
What they said yesterday
The next step for Ethereum and staking…
A victory for privacy, in Wyoming, at least…
“Not there yet, but could get there soon.”
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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.