What dip? New all-time highs for Ether, Link, Aave and UNI
Crypto at a Glance
On Friday, we asked whether a flash crash was just a dip or the start of a more prolonged correction. It was a question that swiftly received an answer, with the dulcet pings of new all-time highs sounding across the land over the weekend.
After months of trying, Ethereum finally set a long-awaited universally-recognised new all-time high on Sunday, topping out at almost $1,470. Its market cap is currently $161.91 billion, making it the 77th largest asset by market cap in the world – bigger than Unilever, McDonalds, and Shell. Things didn’t stop there, though. Chainlink hit $25 for the first time in its history, UNI rose to $13 for the first time, and the Aave price soared to a new all-time high of $288. Demand for DeFi tokens continues to rise and the total value locked in Decentralised Finance (DeFi) is now more than $26 billion. Will it continue to rise? What will this mean for Ethereum?
It was a less exciting weekend for Bitcoin – though there is much to be appreciated about a good defence. Bitcoin appears to be consolidating for the time being at around $33,000 – is it poised for another breakout this week?
In the Markets
What bitcoin did yesterday
We closed yesterday, 24 January, 2020, at a price of $32,289.38 – up from $32,067.64 the day before. It’s now 23 days since the price of bitcoin was last below $30,000 and 39 since it was below $20,000.
The daily high yesterday was $32,944.01 and the daily low was $31,106.69.
This time last year, the price of bitcoin closed the day at $8,445.43. In 2019, it was $3,600.87.
As of today, buying bitcoin has been profitable for…
99.9% of all days since 2013-04-28.
Bitcoin market capitalisation
Bitcoin’s market capitalisation is currently $619,298,519,742, up from $573,151,173,924 yesterday. That means Bitcoin is bigger than the Taiwan Semiconductor Manufacturing Company again! That wasn’t hard, try hard next time semiconductors. To put it into context, silver has a market cap of $1.398 trillion and gold has a market cap of $11.765 trillion.
Bitcoin volume
The volume traded over the last 24 hours was $56,314,242,010. 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 96.79%.
Fear and Greed Index
Well that didn’t last long. The sentiment Index was showing Fear on Friday for the first time since November of last year, but almost immediately bounced back into Greed, where it is settling down once again at 74. It’s good to be home.
Bitcoin’s market dominance
Bitcoin’s market dominance still stands tall at 63.54. Its lowest ever recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 50.89. 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
“Both gold and Bitcoin are currently serving as applications of sound money principles. Gold is the analog application and Bitcoin is the digital application. Gold’s market cap is $8+ trillion and Bitcoin’s is only $200+ billion. It is likely that Bitcoin’s market cap will eventually match, and then eclipse, gold’s over time. When this happens, Bitcoin will have experienced a 40x increase in price. If the historical market cycles continue playing out, there will be a significant double-digit price increase over the next 15 months or so, followed by a nasty 50%+ decline in price and multi-year bear market, and finally another significant price increase that would push us closer to gold’s market cap.”
- Anthony Pompliano, Co-founder of Morgan Creek
What they said yesterday…
Someone should tokenise Michael Saylor’s Bitcoin quotes, the man is a machine
Words to live by
Not sure about best, but definitely worth a watch
History in the making
A busy year for Ether
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Crypto AM: Definitively DeFi
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.
Crypto AM Daily in association with Luno
