Bitcoin and Ethereum take a breather after a busy week for crypto markets
Bitcoin is sitting comfortably above $26k and trading sideways this morning. This follows a busy week in the markets as the flagship cryptocurrency’s price climbed following a pause on rate hikes and big news from BlackRock – the largest asset manager globally that it will attempt to launch a Bitcoin ETF in the US.
Ethereum’s Ether is trading in line with BTC, hovering around $1.7k, while the majority of crypto markets are trading slightly downwards.
The BlackRock announcement is a big deal for crypto, say market commentators. It will introduce much-needed liquidity into the market and bring legitimacy to the industry. Now just to get it approved by the Securities and Exchange Commission (SEC), which has so far rejected every BTC ETF application brought before them.
Friday’s Crypto AM Daily
In the Markets
The Bitcoin Economy
*Data can be found at https://terminal.bytetree.com/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market this morning was $1.065 billion.
What Bitcoin did yesterday
Bitcoin closed yesterday at $26,336. The daily high yesterday was $26,675, and the low was $26,325.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $513.081 billion. To put it into context, the market cap of gold is $12.986 trillion and Visa is $479.42 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $9.127 billion.
Fear and Greed Index
Fear and Greed is 47, today, in Neutral..
Bitcoin’s market dominance
Bitcoin’s market dominance today is 49.73. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 45. 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.
What they said yesterday
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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.