Crypto market cap dips below $1 trillion as inflation anxieties bubble to the surface
The market cap of all cryptocurrencies combined has dipped below $1 trillion for the first time since the January rally as fresh worries around unabating inflation and actions by government bodies apply downward pressure on crypto prices.
Bitcoin has dipped below $22,000 and is trading for $21,699 (-1.46%) this morning, while Ethereum is trading for $1,538 (-0.89%). The uncertainty in the market is reflected in the Fear & Greed Index, which has slid into “Fear” territory for the first time in weeks, and has also spilled over into the rest of the crypto markets.
Yesterday’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 $997.641 billion.
What Bitcoin did yesterday
We closed yesterday, March 8, at a price of $21,718. The daily high yesterday was $22,268, and the daily low was $21,708.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $419.560 billion. To put it into context, the market cap of gold is $11.991 trillion and Tesla is $570.29 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $21.565 billion. High volumes can indicate that a significant price movement has stronger support.
Volatility
The price volatility of Bitcoin over the last 30 days is 39.43%.
Fear and Greed Index
Market sentiment today is 44, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.69. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 40.71. 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
“The thing that I often ask start-ups on top of Ethereum is, ‘Can you please tell me why using the Ethereum blockchain is better than using Excel?’ And if they can come up with a good answer, that’s when you know you’ve got something really interesting.”
Vitalik Buterin, Ethereum co-founder
What they said yesterday
Not the Fed or another central bank, just maths and computing…
Many are already paying attention…
Why?
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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.