A sea of tranquillity for crypto markets, but are stormy waters ahead?
Crypto at a glance
The talk of the crypto town continues to be whether the big Bitcoin bull run is over, but those looking for decisive evidence either way this weekend will have been sorely disappointed. The crypto markets themselves are curiously tranquil at the moment. Is this the calm before the storm?
Bitcoin in particular appears to have stabilised after its recent foray into choppy waters. The May crash gave the leading-cryptocurrency-by-market-cap one of its worst months on record, but things appear to have settled somewhat of late. Bitcoin is again changing hands at around $36k today, unmoved in 24 hours and on this time a week ago. It’s now been trading in the $35k-$39k range for the majority of the past fortnight.
It’s a similar story again elsewhere, with very limited movement over the last day. The Ethereum price has been drifting between $2.5k and $2.9k for seven days now after recovering last week, Cardano is still at $1.70, and XRP continues to trade at just below a dollar. The only coins to see more than single digit movement are Solana (SOL), which announced a huge round of funding last week, and Polygon (MATIC), which has been on a huge run recently.
The period of market stability ironically comes as drama in the crypto space ramps up, and not all of it courtesy of Elon Musk for once. The big news this weekend was the announcement at Bitcoin 2021 in Miami that El Salvador would become the first country to make Bitcoin legal tender and treat it as a world currency while having Bitcoin on its reserves. The move won’t turn Bitcoin into an everyday currency, but it will reduce the impoverished country’s reliance on the US dollar, which could drive many other countries in a similar position around the world to make similar moves. Is this just the first step on the road to a global Bitcoin standard?
There was still Elon Musk-related news, though. After further interference last week from the Tesla CEO, a group claiming to be international hacking collective Anonymous decided they’d had enough and announced plans to target Musk for manipulating the price of cryptocurrencies with his tweets.
READ MORE: Anonymous say video message to Elon Musk over Bitcoin meddling isn’t theirs
In a video released yesterday, the group said that he wields too much power over the cryptocurrency markets and they were tired with the way he appears to be so cavalier in his attitude towards them. Will they manage to put a muzzle on him? It seems unlikely, given that Anonymous denied any involvement and pointed the finger at a rival doppelganger organisation.
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Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,660,339,194,869.
What Bitcoin did yesterday
We closed yesterday, June 6 2021, at a price of $35,862.38, up from $35,551.96 the day before.
The daily high yesterday was $36,436.42 and the daily low was $35,304.58.
This time last year, the price of Bitcoin closed the day at $9,653.68. In 2019, it closed at $7,822.02.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $676.73 billion. To put it into context, the market cap of gold is $11.976 trillion and Facebook is $936.69 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $29,583,305,813. 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 85.91%.
Fear and Greed Index
Market sentiment today is 15.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.61, Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 38.83. 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 changes absolutely everything. I don’t think there is anything more important in my lifetime to work on. If I were not at Square or Twitter, I would be working on bitcoin. If [bitcoin] needed more help than Square or Twitter, I would leave them for bitcoin. But, I believe both companies have a role to play.”
– Jack Dorsey, Founder of Twitter and Square
What they said yesterday
El Salvador news getting the crowds excited…
A matter of time…
Waiting…
Focus where it counts…
Crypto AM Editor writes
Ripple making waves against the SEC’s confusing crypto rule book
John McAfee faces dying in prison for the same thing Elon Musk does on Twitter, says his wife
Further pain ahead for Bitcoin as environmental groups queue up to reject cryptocurrencies
How are cryptocurrencies coping this weekend?
Bruised Bitcoin heads into an uncertain weekend
China’s CMB International and Nervos Foundation launch $50m blockchain fund
Cardano teams up with Save the Children for humanitarian initiative
HMRC: We’re not clamping down on crypto
Ethiopia overhauls its educational system with IOHK blockchain partnership
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Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
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Crypto AM: Tiptoe through the Crypto with Monty Munford
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Crypto AM Parliamentary Special
Part one of two – April 2021
Part two of two – April 2021
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Part one…
Part two…
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Crypto AM: Recommended Events
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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. City PM, 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.