Crypto markets bounce back after weekend nosedive
Crypto at a glance
Another turbulent weekend in the crypto markets saw Bitcoin fall to a low of just above $31,000 yesterday.
However, despite the onslaught of old fear, uncertainty and doubt (FUD) from China and environmental concerns, things are still holding for now and a strong start to the week has seen major cryptocurrencies recoup some of their recent losses. Are we in for more volatility this week?
While much of the recent FUD has been around Bitcoin mining and energy usage, it’s the alt markets that appear to be suffering most. The Ethereum price yesterday fell to $1,737.47 – its lowest level since the end of March. That’s just under half of Ethereum’s all-time high of $4,165 on May 12 – just twelve days ago. It’s now down 35 per cent over the last seven days, though up 13 per cent since yesterday morning at this time. Its market cap has also halved accordingly, from highs of about half a trillion dollars on May 12 to current levels of about $260 million. Can it recover as swiftly as it rose in April?
There are similar drops all down the board, with the likes of Binance Coin (BNB), Polkadot (DOT) and Litecoin all down more than 40%. Their rise this year has been rapid, with the market heating up to unprecedented levels so a cooling off period was to be expected. Is this just a bump in the bull run, or a longer cool off as the market settles down?
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Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,742,810,292,092, down from $1,760,410,472,285 yesterday.
What Bitcoin did yesterday
We closed yesterday, 23 May, 2021, at a price of $34,770.58, down from $37,536.63,the day before.
The daily high yesterday was $38,289.22 and the daily low was $31,227.34.
This time last year, the price of Bitcoin closed the day at $9,209.29. In 2019, it closed at $7,881.85.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $678.98 billion. To put it into context, the market cap of gold is $11.962 trillion and Facebook is $896.65 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $84,945,829,964. 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 87.4%.
Fear and Greed Index
Market sentiment today is at 10.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 46.16. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 29.98. 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
“Bitcoin is only going to become more important and powerful, in a way that is positive for individual freedom and society.”
– Garry Kasparov, chess player
What they said yesterday
Cleared that up then…
You’ve earned them…
Nice list, what are yours?
True…
Crypto AM Editor writes
Further pain ahead for Bitcoin as environmental groups queue up to reject cryptocurrencies
How are cryptocurrencies coping this weekend?
Bruised Bitcoin heads into an uncertain weekend
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Cardano teams up with Save the Children for humanitarian initiative
HMRC: We’re not clamping down on crypto
Ethiopia overhauls its educational system with IOHK blockchain partnership
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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 08:30am GMT.