Bitcoin back above $22k on a wave of investor optimism over inflation
The price of Bitcoin is holding above $22,000 this morning, after a bounce on Friday took the largest cryptocurrency by market capitalisation above $21,000 for the first time in more than a fortnight.
Bitcoin is currently changing hands for $22,155 – up about 2.62 per cent over the past 24 hours.
The bounce comes ahead of tomorrow’s release of the latest Consumer Price Index (CPI), with investors hopeful for another slight decline in inflation that might drive the US central bank to dial back its current programme of interest rate increases.
Elsewhere, other major cryptocurrencies are mostly flat this morning, with the price of Ethereum down 0.19 per cent since this time yesterday to $1,756. Ethereum is expected to complete its long-awaited upgrade on Thursday, which will change the way its network approves transactions and potentially limit supply and give it stronger properties as a store of value similar to Bitcoin.
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Friday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
*Definitions and insights can be found at https://bytetree.com/research
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1.069 trillion.
What Bitcoin did yesterday
We closed yesterday, September 11 2022, at a price of $21,769.26. The daily high yesterday was $21,770.55 and the daily low was $21,406.94.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $425.27 billion. To put it into context, the market cap of gold is $11.44 trillion and Tesla is $932.3 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $44.408 billion. 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 46.15%.
Fear and Greed Index
Market sentiment today is 25, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.11. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 61.07. 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 is a risk asset with a specific set of investment characteristics that become increasingly more attractive the more irresponsible monetary and fiscal policy becomes.”
Travis Kling, Founder and Chief Investment Officer, Ikigai Asset Management
What they said yesterday
Ether on the up…
Back to basics…
Smart money wins…
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Crypto on the catwalk
Crypto AM: Events
For those of you who missed the Crypto AM DeFi & Digital Inclusion online summit 2021 – you can now watch the event in two parts via YouTube
Part One
https://www.youtube.com/watch?v=dvqNMNZTIDE
Part Two
https://www.youtube.com/watch?v=WXhX_-Tr5j0
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 08:00 BST