Rally flags, but fundamentals still look strong
Crypto at a glance
The crypto market is down again this morning after an impressive rally that’s seen Bitcoin gain around 70 per cent in a month. The leading cryptocurrency is trading around the $47,000 mark at time of writing, down about three per cent over the past 24 hours.
A correction is to be expected after such a long streak of positive price action, as buyers look to take profits. But are we now due a period of consolidation before another move? Will this prove to have been a dead cat bounce, or are many commentators correct in their belief that this is just the start of another bull run in the second half of 2021?
Despite flagging somewhat this week, Bitcoin has still seen a record amount of cryptocurrency transferred through its network. More than $188 billion worth of Bitcoin was transferred on Tuesday, according to figures from blockchain data firm Glassnode. That’s more than 60 per cent up on what we were seeing in April, when the leading cryptocurrency hit all-time highs of more than $60,000.
The network is also looking strong again. The Bitcoin hashrate, which is an indicator of how secure the network is and how hard it would be to attack, has made a remarkable recovery since it crashed following China’s crypto mining clampdown earlier this year. On Tuesday, the hashrate was 152 EH/s – triple what it was when it bottomed out this year on June 28.
It’s a similar story elsewhere, with Ethereum also down three per cent today but still holding above $3,000. Cardano, Solana and Dogecoin are the big losers today, having seen the biggest gains recently. All are down around six per cent.
The Crypto AM London Blockchain & DeFi Summit and Crypto AM Awards 2021
Day One will be held at ETC Fenchurch Street hosting the four Crypto AM Canada Roundtables so that delegates can meet and network with each other and learn from great discussions and talks.
Day Two will be summit day (streamed and live audience) at the Leonardo Royal Hotel, St Paul’s, finishing with the black tie gala dinner in the same venue where the winners of the Crypto AM Awards 2021 will be revealed.
For speaking opportunities, partnership packages or attendance (tickets will be strictly limited and by application) please email: [email protected] using the subject line ‘CRYPTOAM SUMMIT‘.
Summit & Awards Announcements
Crypto AM Awards 2021 judges announced
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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 $2,019,148,489,105.
What Bitcoin did yesterday
We closed yesterday, August 26 2021, at a price of $48,960.79 up from $47,706.12 the day before.
The daily high yesterday was $49,202.88 and the daily low was $47,163.61
This time last year, the price of Bitcoin closed the day at $11,488.36. In 2019, it closed at $10,370.82.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $883.18 billion. To put it into context, the market cap of gold is $11.346 trillion and Facebook is $1.038 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $34,908,261,845, up from $31,845,570,556 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 46.97%.
Fear and Greed Index
Market sentiment today is 75.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.60, Its lowest ever recorded dominance was 37.09 on January 8, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 56.63. 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
“Bitcoin to $50,000. Great news for Bitcoin holders. Bad news for mom and pop. The primary reason I invest in Bitcoin, gold, & silver is because I do not trust our leaders, the Fed, Treasury, nor the stock market. Unfortunately mom and pop who save money do.”
Robert Kiyosaki, author of Rich Dad Poor Dad author
What they said yesterday
Crypto AM editor’s pick
BlackRock backed crypto mining company sees record Q2 results
Bitcoin breaks $50,000 as magic Monday gives cryptocurrencies a green start to the week
Gibraltar to host first international post pandemic crypto event
CV Labs Partnership launches British crypto firm Evai onto Bittrex global exchange
Sudden rise of Solana takes crypto markets by surprise
OccamFi receives strategic investment from Cardano early stage VC Fund
Crypto AM: Longer Reads
Morning Wire Markets: What is Decentralised Finance (DeFi) by Aave
Crypto AM: Conversation with James Bowater
Crypto AM: Market View in association with Ziglu
Crypto AM: Technically Speaking in association with Zumo
Crypto AM: A Trader’s View with TMG
Crypto AM: Tomorrow’s Money with Gavin S Brown
Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
Crypto AM: Visions of the Future, Past & Present with Alex Lightman
Crypto AM Contributor: Jilian Godsil
Jonny Fry: Taking a Byte Out of Digital Assets
Crypto AM: Talking Legal
Crypto AM: Spotlight
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Definitively DeFi
Crypto AM Parliamentary Special
Part one of two – April 2021
Part two of two – April 2021
Crypto AM Events
For those of you who missed the Crypto AM DeFi & Digital Inclusion online summit – you can now watch the event in two parts via YouTube…
Part one…
Part two…
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