Landmark moment for Visa as USDC transferred on the Ethereum blockchain by Crypto.com
Crypto at a glance
The original Blade Runner was set in a fictional Los Angeles sometime in a futuristic 2019. It’s now two years on and there are still no flying cars, no replicants, and Harrison Ford doesn’t look anything like he was supposed to.
Disappointed? Don’t be. The Bitcoin price is at almost $60,000, US politicians are competing to be the most bullish on crypto, and VISA is settling payments in stablecoins.
No mid-air traffic collisions, no ultra-violent robots, and Harrison Ford is still pretty good looking anyway. This is the future. What a time to be alive!
It’s been a very positive start to the week indeed in the crypto markets. A strong weekend’s price action for Bitcoin looks to have carried into the new week, with the leading cryptocurrency rising to as high as $58,000 yesterday.
It’s now holding strong at that level, having received another boost yesterday with payment giant Visa’s announcement of a pilot program to support USDC – the second-biggest stablecoin pegged to the US dollar.
There’s no direct link to Bitcoin, but the move represents another landmark in the ever-increasing adoption of cryptocurrencies by mainstream financial players. There’s certainly a far clearer correlation with Ethereum’s (ETH) strong performance yesterday, though.
The landmark cryptocurrency payment transaction was processed directly on the Ethereum blockchain with Crypto.com sending USDC to a Visa held account at Anchorage custody. ETH is currently changing hands at more than $1,800 for the first time in over a week. Can it sustain a push past $2,000 once more?
It’s green across the board today, with the vast majority of coins continuing to capitalise on the weekend’s gains. Solana (SOL) is the standout, having soared over 15% over the past 24 hours. Theta (THETA), meanwhile, is down 5% to $13.00, though it remains the ninth-largest cryptocurrency by market cap.
Can it sustain its recent gains or does the move indicate the beginner of downward momentum?
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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 $1,841,128,747,142 yesterday, up from $1,771,463,941,546 yesterday.
What Bitcoin did yesterday
We closed yesterday, March 29 2021, at a price of $57,750.20 – down from $55,950.75 the day before. It’s now 23 days in a row that the price has closed above $50,000.
The daily high yesterday was $58,342.10 and the daily low was $55,139.34.
This time last year, the price of bitcoin closed the day at $5,922.04. In 2019, it closed at $4,098.37.
Bitcoin market capitalisation
Bitcoin’s market capitalisation is $1.088 trillion at time of writing, up from $1.044 trillion yesterday. To put that into context, the market cap of gold is $10.807 trillion and Alphabet (Google) is $1.382 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $59,100,973,394 according to CoinMarketCap, up from $47,737,385,419yesterday. 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 57.66%.
Fear and Greed Index
Market sentiment is back in Greed again at 72, where it was yesterday.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 60.78. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 59.13. 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 absolutely a case for every balance sheet to have Bitcoin on it.”
– Amrita Ahuja, CFO at payments company Square
What they said yesterday
Don’t mess with Texas…
Welcome to the future…
And one more for luck…
Will it stop them trying, though?
Crypto AM Editor writes
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Crypto AM: Technically Speaking in association with Zumo
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Crypto AM: Tiptoe through the Crypto with Monty Munford
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March 2021
Day Five
Day Four
Day Three
Day Two
Day One
Crypto AM: Recommended Events
CC Forum
Global Investment in Sustainable Development
March 31 to April 1 2021 – Dubai
Global Technology Governance Summit
April 6 to 7 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.