Cardano hits new all-time high as Bitcoin flirts with $50,000 again
Crypto at a glance
Bitcoin’s repeated assault on $50,000 would, under normal circumstances, be the focus of attention in the world of digital assets.
However, despite the flagship cryptocurrency’s latest flirtation with the huge psychological palisade, all eyes are on the remarkable rise of Cardano and its native ADA.
This time last year, Charles Hoskinson’s brainchild was relatively unknown, languishing around $0.12 and interesting few investors. Today, it touched $3.09 – a stunning year-on-year rise of more than 2,500 per cent.
It currently sits around $3.05. Just how far can Cardano go in the future?
Meanwhile, one eye should be kept on the big one – Bitcoin – as it continues to test that magic $50k mark. interestingly, the hash rate is getting closer to returning to the levels we last saw just prior to the huge bull run earlier this year when Bitcoin almost hit $65,000 on April 14.
The fact that BTC has already been much higher than $50,000 could, perhaps, be the reason why there isn’t quite so much hysteria surrounding this latest effort. Although, it should be born in mind that it was little more than a year ago when people were getting their wallets in a twist over the psychological barrier of $10,000.
We’ve come a long way, and we haven’t even talked about Ethereum’s sterling efforts as it maintains altitude above $3,760.
September really has got off to a flyer!
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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/insights/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,220,525,615,572.
What Bitcoin did yesterday
We closed yesterday, September 1 2021, at a price of $48,847.03 up from $47,166.69 the day before. The daily high yesterday was $49,111.09 and the daily low was $46,562.44.
This time last year, the price of Bitcoin closed the day at $11,414.03. In 2019, it closed at $10,346.76.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $935.95 billion. To put it into context, the market cap of gold is $11.539 trillion and Facebook is $1.077 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $40,258,920,480, up from $35,996,847,650 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 41.05%.
Fear and Greed Index
Market sentiment today is 74.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.23, Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 62.30. 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
“Crypto mining is just like mining for gold or diamonds…Instead of using shovels, you mine with computers. Instead of finding a piece of gold or a diamond in the mine, you find a cryptocurrency.”
Fourteen-year-old cryptocurrency minor, Ishaan Thakur
What they said yesterday
Look into yourself…
It’s the whole package…
What happens in 2022?
Crypto AM: Editor’s pick
Simon Nixon tells Seek Ventures to ramp up Bitcoin investment
Bitcoin breaks $50,000 as ‘Magic Monday’ gives cryptocurrencies a green start to the week
Gibraltar to host first international post pandemic crypto event
CV Labs Partnership launches British crypto firm Evai onto Bittrex global exchange
Crypto AM: Features
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Crypto AM: Contributors
Crypto AM: In Conversation with James Bowater
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Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
Crypto AM: Visions of the Future, Past & Present with Alex Lightman
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry
Crypto AM: Parliamentary Special
Part one of two – April 2021
Part two of two – April 2021
Five-part series – March 2021
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Day five…
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:
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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.
All information is correct as of 08:00 BST