All-time high bonanza for cryptocurrency
Crypto at a Glance
The markets continue to bathe in the glow of Tesla’s warm embrace, with Bitcoin hitting yet another (yawn) new all-time yesterday of over $48,000. It’s still not quite $50,000, but it will do for now.
It’s green across the board today, with new all-time highs for Aave and Polkadot yesterday. Cardano also continues its upward streak and is closing in on $1, although has some way to go before it hits its all-time highs from 2018. The fourth-largest cryptocurrency by market cap has now seen a 275% upswing in less than 35 days. Could it become the ‘Ethereum killer’ many have called it?
We probably wouldn’t go that far at the moment – Ethereum continues to look strong and, although the launch of Ether futures on the Chicago Mercantile Exchange have got off to a slow start. In total, there were 388 ether contracts traded by volume on its first day, though Bitcoin was the same and that increased rapidly. Given the attention Bitcoin is receiving from institutions, has the increased exposure come at the perfect time for Ethereum?
Start your investment journey into crypto with Luno with £10 on us!
If you’ve not started your crypto journey yet, we’ve joined forces with Luno to offer you £10 absolutely free. Click on the graphic below and simply use the code CITYAM10 when you sign up.
In the Markets
The Bitcoin Economy
What bitcoin did yesterday
We closed yesterday, 9 February, 2021, at a price of $46,481.10 – up from $46,196.46 the day before. That’s the highest closing price in Bitcoin’s history.
The daily high yesterday was $48,003.72 and the daily low was $45,166.96. That’s the highest high and highest low in Bitcoin’s history.
This time last year, the price of bitcoin closed the day at $10,116.67. In 2019, it was $3,671.20.
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 $862,486,778,655, down from $875,025,777,023 yesterday.
Bitcoin volume
The volume traded over the last 24 hours was $86,190,254,134, down from $122,450,231,034 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 91.7%.
Fear and Greed Index
Market sentiment remains high, in Extreme Greed at 92. As we’ve warned before, overly bullish sentiment can result in heavy liquidations, and traders should be cautious.
Bitcoin’s market dominance
Bitcoin’s market dominance is currently 62.17. Its lowest ever recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 75.04. 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
“As far as a way to be able to have a pastiche of things to do with your cash, I’m all for it […] I think it’s almost irresponsible not to include it. Every treasurer should be going to boards of directors and saying should we put a small portion of our cash in bitcoin […] it seems to be an interesting way to hedge against the rest of the environment, nice hedge against fiat currency.”
– Jim Cramer, host of Mad Money
What they said yesterday…
Not sure what this says about its stock price
Would save a lot of money on stamps too
When dreams come true
Crypto AM: Longer Reads
City PM Markets: What is Decentralised Finance (DeFi) by Aave
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: Spotlight
Crypto AM: Founders Series
Crypto AM: Industry Voices
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
Crypto AM: Events Spotlight
https://citypm.eu/crypto-am-shines-its-spotlight-on-the-agora-conferences/
Crypto AM: Recommended Events
Bitcoin for Corporations – MicroStrategy
3 February 2021 – online – 12.00 – 16:45 EST
https://www.microstrategy.com/en/resources/events/world-2021/bitcoin-summit
6th Edition Global Blockchain Conference
9 February 2021 – Dubai
https://agoragroup.ae/events/global_blockchain_congress_6th_edition
Global DeFi Conference
10 February 2021 – Dubai
https://agoragroup.ae/events/global_defi_congress%20
CC Forum
Global Investment in Sustainable Development
3 – 4 March 2021 – Dubai
Global Technology Governance Summit
6 – 7 April 2021 – Tokyo
https://www.weforum.org/events/global-technology-governance-summit-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.
Crypto AM Daily in association with Luno
