Ethereum extravaganza continues as Bitcoin falters
Crypto at a glance
Ethereum continues to dominate headlines, rising another three per cent over the past 24 hours. It’s currently changing hands at around the $3,300 mark – a 30 per cent gain on this time last week. It now has a larger market cap than Mastercard, PayPal and Bank of America. Will it continue on the same trajectory? Can it really flip Bitcoin?
READ MORE: Could Ethereum overtake Bitcoin?
There are a number of factors driving Ethereum’s recent rise. Its use in DeFi and NFTs have given its use cases newfound prominence, for a start. A number of commentators are also pointing to the European Investment Bank’s (EIB) recent decision to issue its debut digital bond sale, worth more than $100 million, on the Ethereum blockchain. The move has led some to claim that the financial market is poised to adopt crypto technology. Will they prove right?
It’s less good news for Bitcoin, though the still-leading cryptocurrency continues to make gains. The asset hit $58,973.31 yesterday, the highest it’s been since April 18, though has today fallen back to just below $56,000. Can it break out of that range? How much longer can it drift between $50-60k?
Down the boards, there’s an unusual amount of red considering Ethereum’s dominance. Only Binance Coin (BNB), Litecoin (LTC) and Doge are matching it at the moment. Dogecoin is now the fifth-largest cryptocurrency by market cap. Is the joke still funny?
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Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,266,546,755,997.
What Bitcoin did yesterday
We closed yesterday, May 3 2021, at a price of $57,200.29 – up from $56,631.08 the day before.
The daily high yesterday was $58,973.31 and the daily low was $56,590.87.
This time last year, the price of Bitcoin closed the day at $8,897.47. In 2019, it closed at $5,768.29.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.051 trillion. To put that into context, the market cap of gold is $11.345 trillion and Alphabet (Google) is $1.586 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $57,060,186,611. 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 53.01%.
Fear and Greed Index
Market sentiment is up to 68.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 47.45. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 50.56. 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 are always looking at the most relevant forms of payment and will continue to assess that going forward. We have no immediate plans, but [cryptocurrency] is something we are keeping an eye on.”
– eBay CEO Jamie Iannone
What they said yesterday
Everyone has regrets…
Rumours?
Matter of time?
Crypto AM Editor writes
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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.