Ether futures set for Chicago Mercantile Exchange launch today
Crypto at a Glance
Happy Monday! And what a happy Monday it is. Bitcoin is back paddling in the warm waters around the $40k level and just closed the week at its highest price in history, Ether’s (ETH) bull run continues apace with prices soaring past $1,700 to new all-time highs, and Cardano (ADA) just flipped XRP and is currently trading at over $0.66. As of time of writing, it’s the fourth-largest cryptocurrency by market cap. Oh, and the total market capitalisation of the entire crypto market this weekend exceeded $1.2 trillion for the first time ever. And breathe.
Is this the peak? The top of the mountain? Well, Ether futures launch today on the Chicago Mercantile Exchange (CME), Cardano is still almost 50% off it’s all-time high from 2018, and if reports are to be believed, it looks like institutional investors are just getting started with bitcoin. And Snoop Dogg just got into Doge Coin, which feels like an obvious move but fun for puns.
What other market madness awaits us this week? If you’ve not started your crypto journey yet, we’ve joined forces with Luno to offer you £10 absolutely free. Click on the graphic below and simply use the code CITYAM10 when you sign up.
In the Markets
The Bitcoin Economy
What bitcoin did yesterday
We closed yesterday, 7 February, 2021, at a price of $38,903.44 – down from $39,266.01 the day before.
The daily high yesterday was $39,621.84 and the daily low was $37,446.15. On Saturday, the price hit a high of $40,846.55 – its highest level since 10 January, 2021.
This time last year, the price of bitcoin closed the day at $9,795.94. In 2019, it was $3,399.47.
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 currently $699,914,428,733. For context, the market cap of gold – the largest asset in the world by market cap – is $11.504 trillion.
Bitcoin volume
The volume traded over the last 24 hours was $67,711,201,748. 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 89.77%.
Fear and Greed Index
Market sentiment remains high, in Extreme Greed at 83. That’s down slightly from 86 yesterday, but still firmly in Extreme Greed and approaching the levels seen last month.
Bitcoin’s market dominance
Bitcoin’s market dominance is currently 61.73. Its lowest ever recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 63.93. 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
“We did a lot of fundamental research, if you consider the supply of bitcoin relative to the supply of gold in the world and what the total value of gold is, if bitcoin were to go to those kind of numbers we’d be talking about $400,000 to $600,000 per bitcoin. Now, I’m not saying we’ll ultimately get there, but that’s an indication of what might be a fair value.”
– Scott Minerd, chief investment officer of the multi-billion dollar investment giant Guggenheim Partners
What they said yesterday…
Let’s make it happen!
Soulja Boy coming in hot with the big questions
A new twist
Crypto AM: Longer Reads
Morning Wire Markets: What is Decentralised Finance (DeFi) by Aave
Crypto AM: Market View in association with Ziglu
Crypto AM: Technically Speaking in association with with Zumo
Crypto AM: Talking Legal in association with INX
Crypto AM: Spotlight
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: Deeper Dives with Liam Roche
Crypto AM: A Trader’s View with TMG
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Definitively DeFi
Crypto AM: Events Spotlight
Crypto AM: Recommended Events
Bitcoin for Corporations – MicroStrategy
3 February 2021 – online – 12.00 – 16:45 EST
https://www.microstrategy.com/en/resources/events/world-2021/bitcoin-summit
6th Edition Global Blockchain Conference
9 February 2021 – Dubai
https://agoragroup.ae/events/global_blockchain_congress_6th_edition
Global DeFi Conference
10 February 2021 – Dubai
https://agoragroup.ae/events/global_defi_congress%20
CC Forum
Global Investment in Sustainable Development
3 – 4 March 2021 – Dubai
Global Technology Governance Summit
6 – 7 April 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.
Crypto AM Daily in association with Luno
