Some light at the end of the crypto tunnel for Bitcoin?
The Bitcoin price continues to hold above the psychologically-important $40k level this morning – a level it hasn’t fallen below since September 2021. It’s been a rough start to the year in the cryptocurrency markets, but will we see a turnaround this week?
There were at least some positive signs over the weekend that the momentum could be shifting. Saturday marked the first day in 2022 that the largest cryptocurrency has closed the day higher than the day before. It also achieved a similar feat on Sunday, bringing a welcome stability after a torrid week for global financial markets. Bitcoin is currently changing hands for just below $42k – up 0.2 per cent on yesterday morning, but more than 10 per cent down on this time last week and almost 40 per cent below its all-time high of $67k.
January is historically a weaker month for Bitcoin, but an increasingly-likely interest rate rise in the US has meant so far the price performance has been weaker than usual. Global stocks last week lost almost $2 trillion in market capitalisation, with investors seemingly spooked by minutes for the US central bank that suggested interest rate increases were incoming. Friday’s US labor market report also showed that the unemployment rate had fallen to 3.9 per cent, further increasing the likelihood that the Fed will hike rates in March.
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Friday’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 $1,978,270,061,030.
What Bitcoin did yesterday
We closed yesterday, January 9 2022, at a price of $41,911.60, up from $41,733.94 the day before. The daily high yesterday was $42,663.95 and the daily low was $41,338.16.
This time last year, the price of Bitcoin closed the day at $38,356.44. In 2020, it closed at $8,166.55.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $794.59 billion. To put it into context, the market cap of gold is $11.384 trillion and Tesla is $1.031 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $21,001,790,399. 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 42.97%.
Fear and Greed Index
Market sentiment today is 23, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 40.37. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 29.88. 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 have a lot of hope for Bitcoin.”
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Crypto AM: Visions of the Future, Past & Present with Alex Lightman
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Crypto on the catwalk
Crypto AM: Events
For those of you who missed the Crypto AM DeFi & Digital Inclusion online summit 2021 – you can now watch the event in two parts via YouTube
Part One
https://www.youtube.com/watch?v=dvqNMNZTIDE
Part Two
https://www.youtube.com/watch?v=WXhX_-Tr5j0
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