XRP set to fall out of top 5?Polkadot storms into top 4 coins – top 3 next?
Crypto at a Glance
It was a weekend of mixed signals for Bitcoin. There was FUD from Christine Lagarde and persisting rumours surrounding the negative impact of Tether, but there were also a host of financial industry grandees and politicians lining up to declare themselves converts. Even former Chief Economist of the World Bank, Larry Summers seems to have come round. And can the IMF really afford to start ignoring Twitter polls? Especially when they’re so resounding.
In the markets, Bitcoin also doesn’t quite seem to know what to do with itself at the moment, continuing to hover around the $36k mark. Is this a pivotal week? Does Bitcoin need to break $40k again to continue its march forward, or is it happy chilling and accumulating, getting ready for another breakout?
Elsewhere, it was all musical chairs in the top 10 as XRP’s existence as a top 5 coin continues to come under threat. This weekend, Polkadot’s impressive recent run of results (which have seen it increase almost 150% in the last week) saw it leapfrog Ripple’s troubled coin to take fourth spot, while Cardano is not far behind at all. It wouldn’t be a shock given their recent legal troubles, but if this is just the start of alt season, how much will we see the landscape shift over the coming weeks?
In the Markets
What bitcoin did yesterday
We closed yesterday, 17 January, 2020, at a price of $35,791.28 – down from $36,178.14 the day before. It’s now 16 days since the price of bitcoin was last below $30,000 and 32 since it was below $20,000.
The daily high yesterday was $36,722.35 and the daily low was $34,069.32.
This time last year, the price of bitcoin closed the day at $8,929.04. In 2019, it was $3,678.56.
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 $670,715,099,323. That puts Bitcoin back below Facebook and again outside the top 10 assets by market cap. To put that number into context, gold’s market cap is currently $11.653 trillion – over 17 times bigger than Bitcoin’s. Which leaves a lot of room for growth.
Bitcoin volume
The volume traded over the last 24 hours was $52,911,226,655. 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 90.7%.
Fear and Greed Index
The Fear and Greed Index is at 79 again. The last time we were outside Extreme Greed was 5 November 2020. It’s important to remember that the index doesn’t usually stay this high for very long and this could mean a correction is on the cards, so be vigilant.
Bitcoin’s market dominance
Bitcoin’s market dominance stands at 67.02. Its lowest ever recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 59.49. 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.
Google trends
The trend in Google searches over the last 90 days. Google shows this chart on a relative basis with a max score of 100 on the day that had the most Google searches for that keyword. The latest score is 57 – taken from 15 January.
Convince your Nan: Soundbite of the day
“I think that bitcoin (and some other digital currencies) have over the last ten years established themselves as interesting gold-like asset alternatives.”
- Ray Dalio, Hedge fund manager and Founder of Bridgewater Associates
What they said yesterday…
The results are in. Hopefully the IMF listens
Generally, the establishment really seems to have come round this weekend
And again
Maybe this guy said it best though…
Crypto AM: Longer Reads
Crypto AM: Market View in association with Ziglu
Crypto AM: Technically Speaking in association with with Zumo
Crypto AM: Talking Legal in association with INX
Crypto AM shines its Spotlight on Trade the Chain
Crypto AM: Focusing on Regulation
Crypto AM: Deeper Dives with Liam Roche
Crypto AM: A Trader’s View with TMG
Crypto AM: Tiptoe through the Crypto with Monty Munford
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
