Price of Bitcoin slips as other cryptocurrencies follow suit
Bitcoin is down by around 1% and trading below $28k this morning.
The Fear and Greed Index is reflecting caution in the markets, spending some time in Neutral territory after sitting in Greed last week. Ethereum (ETH) is trading flat at $1,843. There are a few pops of green among the red in the rest of the market but the majority are down on the day.
Investors will be watching the release of the latest Consumer Price Index (CPI) numbers on Wednesday, which analysts expect to be coupled with volatility in traditional and crypto markets.
Friday’s Crypto AM Daily
In the Markets
The Bitcoin Economy
*Data can be found at https://terminal.bytetree.com/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market this morning was $1.141 billion.
What Bitcoin did yesterday
We closed yesterday, May 8, at a price of $27,694. The daily high yesterday was $28,663, and the daily low was $27,310.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $535,393 billion. To put it into context, the market cap of gold is $13.404 trillion and Tesla is $544.48 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $17.502 billion.
Fear and Greed Index
Market sentiment today is 51, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 48.32. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 40.95. 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.
Soundbite of the day
The meme coin craze in 2023 has been led by the United States (US), India and the United Kingdom (UK), where more than half of the meme coin fans this year are based.
CoinGecko, Top 10 Memecoin Countries 2023
What they said yesterday
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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.