Cardano and Solana take the reins as crypto charges on
The Bitcoin price is up slightly this morning, hovering at just above $43k – up two per cent over the past 24 hours and five per cent since this time last week.
Ethereum is also up, currently changing hands for more than $3k. That’s up three per cent since yesterday morning and 10 per cent since last Thursday. The tech-heavy Nasdaq and S&P 500 were both down 1.2 per cent, as crypto moved slightly away from traditional stocks having spent so much time correlated lately.
The big moves can be seen further down the rankings, with altcoins showing signs of life. Cardano has seen the biggest gains in the last 24 hours, growing by more than 12 per cent in the period and by nearly 30 per cent in the last seven days.
Solana has also grown by more than five per cent in the last day. The Small Cap Index which includes smaller alt coins has seen a magnificent March and is so far up 17 per cent, having hovered around zero per cent until 16 March when it started increasing rapidly. The move could suggest more enthusiasm for risk among investors at least temporarily, possibly indicating that the market is waking up again after a spring of muted risk appetite.
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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 $1.956 trillion, up from $1.906 trillion yesterday.
What Bitcoin did yesterday
We closed yesterday, March 23 2022, at a price of $42,892.96, up from $42,358.81 the day before. The daily high yesterday was $42,893.51 and the daily low was $41,877.51. This time last year, the price closed at $52,774.26. In 2020 it closed at $6,734.80.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $819.23 billion. To put it into context, the market cap of gold is $12.33 trillion and Tesla is $1.032 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $26.694 billion down from $26.755 billion the day before. 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 58.24%.
Fear and Greed Index
Market sentiment today is 40, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.64. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 59.74. 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
“The world is full of examples of empires toppling because they did not embrace a new technology… I don’t think there is a single person with a negative opinion who has spent 100 hours studying bitcoin.”
Microstrategy CEO and Bitcoin bull, Michael Saylor
What they said yesterday
It’s that simple…
We’re on the brink…
Wise words…
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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