Crypto markets ending June on a high
Crypto at a glance
It’s been a topsy turvy month in the crypto markets, but a late surge has seen Bitcoin looking to end June pretty much right back where it started. Volatility? What volatility?
It’s been a solid week all round so far, with most cryptocurrencies climbing higher since Monday. The positive price action for Bitcoin took us as high as $36,500 yesterday – an impressive turnaround given we were down at $30k just a few days ago. Bitcoin has since fallen back to $35,000, but it’s still up more than 15 per cent since Saturday’s lows. Is this just another failed attempt to break out of the range between $30-40k where we’ve spent most of the last two months?
We’re currently seeing strong performances among other cryptocurrencies too. Bitcoin dominated June, but this week Ethereum is out in front. The second-largest cryptocurrency has now bounced 25 per cent from the weekend lows, currently changing hands for around $2,150. That’s still down significantly on where it started the month though, when it was $2,700. There was talk of $10,000 earlier in the year – was that just pie in the sky talk or is there really a chance that could happen?
Elsewhere, Cardano (ADA) and Binance Coin (BNB) are also ending the month strong, albeit still somewhat down over the last 30 days. There’s no hiding from the fact that June was a brutal month in the alt markets, but can they build on the upward momentum in July?
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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 $1,417,265,686,455 up from $1,409,118,720,330 yesterday.
What Bitcoin did yesterday
We closed yesterday, June 29 2021, at a price of $35,867.78, up from $34,434.34 the day before.
The daily high yesterday was $36,542.11 and the daily low was $34,252.48.
This time last year, the price of Bitcoin closed the day at $9,137.99. In 2019, it closed at $10,817.16.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $656.01 billion up from $648.75 billion yesterday. To put it into context, the market cap of gold is $11.168 trillion and Facebook is $997.77 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $38,046,037,653 up from $34,724,436,285 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 80.54%.
Fear and Greed Index
Market sentiment today is 28.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 46.64, Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 48.22. 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
“There’s a contingent of clients who are looking to this asset as a hedge against inflation, and the macro backdrop over the past year has certainly played into that. There are also a large contingent of clients who feel like we’re sitting at the dawn of a new Internet in some ways and are looking for ways to participate in this space.”
– Mary Rich, global head of digital assets for Goldman’s private wealth management division
What they said yesterday
Change is coming…
Big Kevin Pietersen…
Fix the money, fix the world?
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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.