Can Bitcoin carry May’s strong finish into June?
A strong start to the week for Bitcoin continues this morning, with the largest cryptocurrency by market cap holding roughly flat at around $31,500.
Other major cryptocurrencies, including Ethereum and Cardano, are down one per cent or more this morning. Is the crypto market’s strong finish to May a sign of things to come in June?
Although the Bitcoin price finished May down 18 per cent, it has still outperformed most of the crypto market. Bitcoin’s dominance grew from 42.5 per cent at the start of May to 45.9 per cent at the end. Bitcoin hasn’t been this dominant since October last year, suggesting that investors are still moving away from supposedly riskier assets.
Despite the uptick in price, the Fear and Greed Index that measures investor sentiment still currently sits in Extreme Fear at 17 – a slight increase from last week’s 12, but there’s nothing yet to suggest that belief is picking up. The index indicated extreme fear for almost the entirety of May, corresponding to a 26-day stay in the extremely fearful territory, the longest since April 2020. Will June bring new hope?
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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/research
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1.300 trillion.
What Bitcoin did yesterday
We closed yesterday, May 31 2022, at a price of $31,792.31. The daily high yesterday was $32,249.86 and the daily low was $31,286.15.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $599.66 billion. To put it into context, the market cap of gold is $11.659 trillion and Tesla is $785.56 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $32.788 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 59.14%.
Fear and Greed Index
Market sentiment today is 17, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 46.81. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 49.70. 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
“People dismissed the [inter]net just like they are crypto.”
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Crypto AM: Events
For those of you who missed the Crypto AM DeFi & Digital Inclusion online summit 2021 – you can now watch the event in two parts via YouTube
Part One
https://www.youtube.com/watch?v=dvqNMNZTIDE
Part Two
https://www.youtube.com/watch?v=WXhX_-Tr5j0
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