Bitcoin winning streak comes to end as Ethereum takes lead
Crypto at a Glance
Bitcoin’s longest winning streak in eight years came to a halt on Saturday, though the world’s largest cryptocurrency still enjoyed a relatively leisurely weekend changing hands for more than $42k – the highest the price has been since mid-May. The Bitcoin price climbed every day for ten days in a row, though it’s down around 4% this morning to just over $40k.
The pullback has been blamed by some on uncertainty surrounding the proposed $550 billion bipartisan infrastructure bill currency working its way through the US Senate. The bill includes a provision to raise $28 billion from crypto investors in the states, while an updated version of the Senate’s bipartisan infrastructure bill revealed yesterday evening appeared to narrow the definition of “broker” to people who provide digital asset transfers, which could impact miners in the country.
Despite this, market sentiment is still the highest it’s been since May and continues to hover around 50 after months in extreme fear. And it was a better weekend for Ethereum, which is the only leading major cryptocurrency in the green today. The smart contracts giant, which turned six last week, is again establishing itself at more than $2,500, up 0.75% this morning to just over $2,600 once again breaching $300bn in market cap. Can it push back up past the $3,000 level it held briefly earlier in the year?
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Friday’s Crypto AM Daily in association with Luno
In the Markets
The Bitcoin economy
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,627,463,924,894.
What bitcoin did yesterday
We closed yesterday, 1 August, 2021, at a price of $39,974.90, down from $41,626.20, the day before.
The daily high yesterday was $42,541.68 and the daily low was $39,540.94.
This time last year, the price of bitcoin closed the day at $11,759.59. In 2019, it closed at $10,399.67.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $756.23 billion. To put it into context, the market cap of gold is $11.502 trillion and Facebook is $1.004 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $26,893,844,669. 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 53.95%.
Fear and Greed Index
Market sentiment today is 48.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 47.12, Its lowest ever recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 64.86. 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
“Using Bitcoin for remittances could potentially reduce transaction costs compared to traditional remittance channels. The idea is that Bitcoin could be used as an intermediary for the cross-border transfer, so that dollars are converted to Bitcoin by the sender and then converted back to dollars domestically by the receiver.”
- Bank of America report on El Salvador’s decision to recognise BTC as legal tender
What they said yesterday…
Bitcoin is hope?
Digital real estate?
Bold
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Crypto AM: Spotlight
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Crypto AM: Industry Voices
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Definitively DeFi
Crypto AM Parliamentary Special
Part One of Two 21-22 April 2021
Part Two of Two 21-22 April 2021
Five Part Series 8-12 March 2021
Day One
Day Two
Day Three
Day Four
Day Five
Crypto AM Events
For those of you who missed the Crypto AM DeFi & Digital Inclusion online summit – you can now watch the event in two parts via YouTube
Part One
Part Two
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