Crypto market recovery stalls, but institutional investment in Asia growing
Crypto at a glance
Bitcoin looks to have recovered from its inertia earlier this week, though there are still challenges ahead.
The price very briefly rose over $60,000 again yesterday, before news that US Treasury yields were hitting highs not seen for over a year sparked a slide back down to the $58,000 level where it’s currently trading.
There was, however, good news out of Asia, which hasn’t been as onboard with this bull run as some would like. It was announced yesterday that the biggest search engine in South Korea – Naver – has invested in the crypto space. They join Meitu, a leading Chinese technology firm who recently bought almost $100 million worth of crypto.
There’s been a lot made of the impact institutional investment has had on this bull run – if Asian companies follow suit, will things kick on even further?
It’s a similar story everywhere else too, with Ethereum seemingly content to continue following Bitcoin wherever it goes. Ether is down around 2% after a bullish day yesterday and continues to hover around the $1,800 level.
Will it ever hit $2,000 again?
Elsewhere, Cardano came within an eyebrow of its recently made all-time high before again falling back down to the $1.28 level, and it was the same story for Algorand, another recent high flyer. Can they get back on track in time for the weekend?
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In the markets
| Name | Price | Price Change (24h) | Price Change (7 days) | |
| Bitcoin (BTC) | $58,062.19 | -1.76% | +1.68% | |
| Ethereum (ETH) | $1,799.19 | -1.91% | -0.72% | |
| XRP (Ripple) | $0.4734 | -1.13% | +3.47% | |
| Monero (XMR) | $229.37 | -2.01% | +3.04% | |
| Polkadot (DOT) | $36.16 | -0.36% | -1.33% | |
| Algorand (ALGO) | $1.28 | -5.50% | +18.96% | |
| Cardano (ADA) | $1.28 | -9.87% | +17.71% | |
| Chainlink (LINK) | $29.79 | -1.26% | +0.20% | |
| Aave (AAVE) | $369.67 | -1.12% | -6.40% | |
| UniSwap (UNI) | $30.60 | -1.74% | -2.75% | |
| Celsius (CEL) | $5.04 | -2.98% | -6.83% | |
| Binance Coin (BNB) | $263.01 | -4.52% | -6.61% | |
| Crypto market cap | $1,785,790,984,269 | |||
| MVIS CryptoCompare Digital Assets 100 Large-Cap Index | -1.84 | |||
| MVIS CryptoCompare Digital Assets 100 Small-Cap Index | -0.07 | |||
| MVIS CryptoCompare Ethereum VWAP Close Index | -+0.13 | |||
| Prices and data as of [08:00, 19/03/2021] | Source: CryptoCompare.com, MVIS |
The Bitcoin economy
*Definitions and insights can be found at https://bytetree.com/insights/
What Bitcoin did yesterday
We closed yesterday, March 18 2021, at a price of $57,858.92 – down from $58,870.89 the day before.
The daily high yesterday was $60,116.25 and the daily low was $54,528.63.
This time last year, the price of Bitcoin closed the day at $5,238.44. In 2019, it closed at $4,032.51.
As of today, buying Bitcoin has been profitable for…
99.9% of all days since 2013-04-28.
Bitcoin market capitalisation
Bitcoin’s market capitalisation is $1,083,322,885,400 at time of writing, down from $1,092,112,562,111 yesterday. To put that into context, the market cap of gold is $11.067 trillion and Alphabet (Google) is $1.37 trillion.
Bitcoin volume
The volume traded over the last 24 hours was $55,407,475,156, down from $60,367,855,908 yesterday. 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 70.51%.
Fear and Greed Index
Market sentiment is back down in Greed at 71.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 61.69. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 60.23. 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
“In a lot of ways, if you study it, it’s better than gold. It’s easier to store, you can move it around more quickly, and that value — that trusted network — is growing.”
– Anthony Scaramucci, CEO of SkyBridge Capital
What they said yesterday
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Crypto AM: Longer Reads
Morning Wire Markets: What is Decentralised Finance (DeFi) by Aave
Crypto AM: Conversation with James Bowater
Crypto AM: Market View in association with Ziglu
Crypto AM: Technically Speaking in association with Zumo
Crypto AM: A Trader’s View with TMG
Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
Crypto AM: Talking Legal
Crypto AM: Spotlight
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Definitively DeFi
Crypto AM Parliamentary Special Five Part Series
March 2021
Day Five
Day Four
Day Three
Day Two
Day One
Crypto AM: Recommended Events
CC Forum
Global Investment in Sustainable Development
March 31 to April 1 2021 – Dubai
Global Technology Governance Summit
April 6 & 7 2021 – Tokyo
https://www.weforum.org/events/global-technology-governance-summit-2021
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 08:30am GMT.