Bada bing, ADA Boom!
Crypto at a Glance
It’s always nice to wake up to a sea of green, and with a couple of notable exceptions it’s been a strong 24 hours across the board. Bitcoin is holding strong over $34,000, although it’s still yet to convincingly break out of that range between $30,000 and $35,000. It looks to be gathering momentum, though. Could today be the day?
Ethereum is also back over $1,400 and approaching its recently-made all-time highs again. The big winner, though, is Cardano. ADA is back above $0.40, fresh off the news that Grayscale Investments had decided to file for a Cardano trust. The same is true for Monero, EOS and a number of others. Is the likely increase in demand starting to be priced in already?
It isn’t quite such good news for XRP, which has lost many of its recent gains made in the huge weekend pump. It’s still up almost 40% for the week, though it’s a good advert to be careful out there.
In the Markets
The Bitcoin Economy
What bitcoin did yesterday
We closed yesterday, 1 February, 2020, at a price of $33,537.18 – up from $33,114.36 the day before. The bitcoin price has now closed over $30,000 for 31 days in a row and over $20,000 for 46 days in a row.
The daily high yesterday was $34,638.21 and the daily low was $32,384.23.
This time last year, the price of bitcoin closed the day at $9,392.88. In 2019, it was $3,487.95.
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 $640,588,244,833, up from $628,549,272,500 yesterday.
Bitcoin volume
The volume traded over the last 24 hours was $61,606,579,953, up from $60,499,386,695 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 99.79%.
Fear and Greed Index
Market sentiment remains high, in Extreme Greed at 76. This level of sentiment for this length of time is highly unusual and could mean a correction is due.
Bitcoin’s market dominance
Bitcoin’s market dominance is currently 62.82. Its lowest ever recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 53.85. 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 42 – taken from 30 January.
Convince your Nan: Soundbite of the day
“To have invented a new type of money via a system that is programmed into a computer and that has worked for around 10 years and is rapidly gaining popularity as both a type of money and a storehold of wealth is an amazing accomplishment. There aren’t many alternative gold-like assets at this time of rising need for them.”
– Ray Dalio, Founder of Bridgewater Associates
What they said yesterday…
Last year we had an idiot dressed as an eagle in Congress, now we’ve got a bull in the senate. Maybe 2021 is going to be a better year
No idea if it’s legit, but sure does have a lot of engagement
Good luck.
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: Recommended Events
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
