Musk’s comedy attempt misfires as Ethereum steals show
Crypto at a glance
The big day finally arrived on Saturday – Elon Musk’s much-anticipated appearance on Saturday Night Live!. Anyone expecting fireworks was sorely disappointed, with Musk managing to sneak in just a couple of lukewarm jokes about Dogecoin amidst what one reviewer described as ‘one of SNL’s worst episodes ever’.
Doge, which saw a meteoric increase in the run up to the show, fell 22 per cent after it started. It’s currently down two per cent over the past day, but remains the fourth largest cryptocurrency by market capitalisation.
On to more serious matters, and it was good news pretty much everywhere else over the weekend. Ethereum exploded through the $4,000 barrier for the first time and is currently trading at more than $4,100 – up four per cent over the last 24 hours. Ether’s market capitalisation is currently just below $480 billion, within touching distance of JPMorgan Chase’s $488 billion stock-market valuation. Can it flip it today?
Ethereum’s rivals were also booming. Cardano (ADA) shot up to yet another all-time high above $1.80 yesterday and continues to hold that level for now. Can it finally hit $2? Other strong performers today include Bitcoin Cash and Litecoin, which are both up more than 10 per cent over the last 24 hours. Bitcoin Cash is currently trading at over $1,500 and has forced its way back into the top 10. Can it stay there?
With all this excitement in the alt markets, Bitcoin is being somewhat overshadowed at the moment, though it still saw its fair share of positive weekend price action. It’s currently changing hands for around $58,500, having hit almost $59,500 on Saturday. It seems there may still be a period of consolidation ahead for the leading cryptocurrency. Is this the week it breaks out of that holding pattern at long last?
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Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,510,893,863,817.
What Bitcoin did yesterday
We closed yesterday, May 9 2021, at a price of $58,232.32, down from $58,803.78 the day before.
The daily high yesterday was $59,210.88 and the daily low was $56,482.00.
This time last year, the price of Bitcoin closed the day at $9,593.90. In 2019, it closed at $6,174.53.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.101 trillion. To put that into context, the market cap of gold is $11.65 trillion and Alphabet (Google) is $1.591 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $64,891,192,049. 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 57.71%.
Fear and Greed Index
Market sentiment today is at 72 and still Greedy.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.88. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 54.13. 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
“In our work with large institutions, we’re seeing increased demand for Bitcoin and Ethereum as well as alternative coins. We believe institutional investors and corporate treasuries will hold onto both BTC and ETH assets, as their adoption and the market matures.”
– Raghu Yarlagadda, CEO of FalconX
What they said yesterday
Elon making up for his SNL performance?
Possibly…
But not everyone is buying it…
Yes, you should…
Not financial advice?
Crypto AM Editor writes
Ethereum yet to take off and is on track for $5,200 soon say experts…
Ethereum punches through $3,000 with market cap bigger than Bank of America…
Ethereum closing in on $3,000 as Bitcoin eases off the throttle…
Cardano teams up with Save the Children for humanitarian initiative…
HMRC were not clamping down on crypto…
Binance jumps on the NFT market…
Ethiopia overhauls its educational system with IOHK blockchain partnership…
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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.