Relative calm in crypto markets disturbed as Coinbase lets the Doge out
Crypto at a glance
Unexpected greetings from Dubai where I am now stuck for the next few days! Meanwhile the crypto market has enjoyed a relative period of calm so far this week, bobbing like a well-fed boar in a shallow lake. But will it last?
Bitcoin continues to trade within a very narrow channel between $33k and $38k, currently changing hands at just above $37,000 – a bargain when you consider it was more than $60,000 only a few weeks ago.
There doesn’t seem to be any imminent chance of the leading cryptocurrency by market cap surging to a new all-time high, but is this relative stability a sign of price consolidation ahead of a recovery? The last time price swings were this low was just before the bull run in the first four months of 2021. Is the same happening here, or are we simply passing an old friend on the way back down?
The chilled out vibes appear to be catching today, with other leading cryptocurrencies also seeing limited movement. They do look like they’re heading in the right direction, though. Ethereum is up five per cent over the last 24 hours and selling for more than $2,700 again, while Cardano (ADA) continues its good run with another seven per cent gain today. ADA is currently trading at $1.80 – can it hit $2 again? Despite recent gains, ADA has once more fallen behind Binance Coin (BNB) which also surged again yesterday, though you’d fit a Rizla between third to sixth in the market cap rankings.
The big news today is Dogecoin’s listing on Coinbase Pro, which has sent the meme-coin up 20 per cent in the last day. It’s currently trading at just below $0.40, with Elon Musk subjecting the world to an onslaught of bullish tweets to accompany the rise. It was briefly the fourth largest cryptocurrency by market cap last month. Can it flip Cardano and Binance Coin to repeat the feat?
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Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,646,717,473,182.
What Bitcoin did yesterday
We closed yesterday, June 1 2021, at a price of $36,684.92 – down from $37,332.85 the day before.
The daily high yesterday was $37,896.74 and the daily low was $35,787.09.
This time last year, the price of Bitcoin closed the day at $10,199.56. In 2019, it closed at $11,206.44.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $695.01 billion. To put it into context, the market cap of gold is $12.071 trillion and Facebook is $933.23 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $33,106,906,363, down from $36,993,518,743 yesterday. 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 86.77%.
Fear and Greed Index
Market sentiment today is 23.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.52, Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 38.12. 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
“I found the problem [that bitcoin solves]: When we did the CARES act and Chairman Powell started crossing all sorts of red lines in terms of what the Fed[eral Reserve] would do and wouldn’t do. The problem was Jay Powell and the world’s central bankers going nuts and making fiat money even more questionable than it already has been when I used to own gold.”
– Stanley Druckenmiller, American billionaire
What they said yesterday
Hope…
Regrets…
Always worth a reminder…
Crypto AM Editor writes
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Part one of two – April 2021
Part two of two – April 2021
Five-part series – March 2021
Part one…
Part two…
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Part four…
Part five…
Crypto AM: Recommended Events
Bitcoin 2021
June 3 to 5 2021 – Miami
Crypto AM Canada Roundtable
Crypto AM DeFi & Digital Inclusion Summit
&
Crypto AM Awards 2021
September 29 and 30 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.