Musk’s mischief rumbles on as Bitcoin falls, but ADA adds a touch of green to a red weekend
Crypto at a glance
It was a bloody weekend in the crypto markets, with a sea of red down the boards today.
Is this still the aftershocks of Tesla’s decision to stop accepting Bitcoin, a wider correction, or just part of the usual ebb and flow of the bull run? Can it get back on track this week?
Bitcoin has now fallen more than 22 per cent over the last seven days, dropping another seven per cent over the last day. The decline has taken the Bitcoin price down to just above $45,000 at time of writing. Can support hold at this level?
The latest drop followed Tesla CEO Elon Musk’s refusal to outright deny that his electric-car company had sold or could soon sell all of its $1.5 billion holdings of Bitcoin, although he did eventually issue a denial a few hours ago.
READ MORE: Bitcoin gets the jitters as Musk’s meddling continues
Musk was responding to a tweet that said the criticism he’s received from Bitcoiners could cause him to sell, answering ‘Indeed’ to one such suggestion. Would he really be so thin skinned?
It wasn’t just Bitcoin that’s suffered, though. Ethereum posted its first week in the red since March. It’s trading at around $3,500 today, down from last week’s all-time highs of more than $4,000. Double digit drops are the order of the day elsewhere too, with only Cardano (ADA) coming out of the weekend relatively unscathed. ADA rose to an all-time high of $2.49 yesterday, though it’s down slightly this morning at $2.20. It’s still up more than 20 per cent over the last week amid the impending implementation of smart contracts, and remains the fourth-largest coin by market cap.
Solana has also managed to climb today, though it’s an island of green in the red. Even Doge is down, despite Musk’s support. Maybe he doesn’t have as much sway as we think? Could Musk’s unpredictability and apparent control over Doge be putting investors off the joke coin?
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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 $2,084,770,152,085.
What Bitcoin did yesterday
We closed yesterday, May 16 2021, at a price of $46,456,06, down from $46,760.19 the day before.
The daily high yesterday was $49,720.04 and the daily low was $43,963.35.
This time last year, the price of Bitcoin closed the day at $9,377.01. In 2019, it closed at $7,884.91.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $836.98 billion. That puts it below Facebook again. To put it into context, the market cap of gold is $11.779 trillion and Alphabet (Google) is $1.539 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $77,936,181,997. 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 65.75%.
Fear and Greed Index
Market sentiment today is at 27, up from 20 yesterday.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 40.76. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 30.31. 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 know that replacing Gold as a store of value will help the environment…shrinking big bank and coin usage will benefit society and the environment.”
– Mark Cuban, Dallas Mavericks owner
What they said yesterday
Yet?
Saylor with the fact attack…
Busy man…
Sage words…
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.