Is Bitcoin’s fighting start to February losing momentum?
After a strong start to the week, the crypto markets dipped slightly yesterday. The Bitcoin price reached a four-week high of more than $45k on Monday, but it has dropped by about two per cent in the last 24 hours and is currently changing hands at around the $43,500 mark. Can it regain momentum?
Over the past seven days, Bitcoin trading volumes have been unusually muted, considering that the Bitcoin price has historically risen on high volatility. Last Friday, the Bitcoin price increased 11 per cent, and this day saw a spot volume of less than $7 billion. If volumes grow, will there be enough buying power in the market to keep pushing up the Bitcoin price?
The good news is that BTC’s correlation with the S&P 500 seems to be decreasing, as the stock market was flat at the end of last week while the BTC price exploded. The major cryptocurrencies are still moving in tandem lately though. Ethereum is also down by about two per cent in the last day to just below $3,100, while XRP’s meteoric surge has hit the brakes and is flat since this time yesterday morning.
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Yesterday’s Crypto AM Daily in association with Luno
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 $1.983 trillion, down from $2.050 trillion yesterday.
What Bitcoin did yesterday
We closed yesterday, February 8 2022, at a price of $44,118.45, up from $43,840.29 yesterday. The daily high yesterday was $45,293.87 and the daily low was $42,807.84.
This time last year, the price of Bitcoin closed the day at $46,481.10. In 2020, it closed at $9,865.12.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $829.1 billion. To put it into context, the market cap of gold is $11.611 trillion and Tesla is $952.89 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $31,097 billion, up from $30.925 billion the day before. 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 62.37%.
Fear and Greed Index
Market sentiment today is 54, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.29. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 61.41. 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
“It appears that cryptocurrency use today may even be a little ahead of the mid-to-late 1990s internet… We believe that cryptocurrencies are viable investments today, even though they remain in the early stages of their investment evolution.”
Wells Fargo researchers
What they said yesterday
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Crypto AM: In Conversation with James Bowater
Crypto AM: Tomorrow’s Money with Gavin S Brown
Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
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For those of you who missed the Crypto AM DeFi & Digital Inclusion online summit 2021 – you can now watch the event in two parts via YouTube
Part One
https://www.youtube.com/watch?v=dvqNMNZTIDE
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https://www.youtube.com/watch?v=WXhX_-Tr5j0
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 08:00 BST