Bitcoin back above $40k as crypto correlation grows
The crypto markets are looking a little perkier today, with the price of Bitcoin (BTC), the world’s largest cryptocurrency by market capitalisation, briefly breaking above the $41,000 mark this morning. Bitcoin is currently trading at just below $40k, up three per cent over the past 24 hours.
The uptick comes ahead of today’s announcement by the US central bank that the Fed will raise interest rates by 25 basis points, which many analysts suggest is lower than has been priced in by investors in major cryptocurrencies.
Other major cryptocurrencies have also risen today. Correlation in the crypto markets is nearing all-time highs, with both Bitcoin’s correlation to Ether and the broad crypto market having seen a steady rise over the last few months. On Monday, the BTC-ETH correlation sat at 0.90 – close to its all-time high of 0.95 from May 2020.
So far this year, the correlation between BTC and ETH has grown from 0.78 to 0.9. This suggests a prevailing risk-averse sentiment in the crypto market and a low desire to diversify into altcoins at the moment – particularly compared to last year.
Would you like to help spread the adoption and education of Bitcoin in the UK and even stack some Sats while you’re doing it? Well, now you can!
The Bitcoin Pioneers community, backed by Barry Silbert’s Digital Currency Group, was created to introduce Bitcoin to a mainstream audience in a meaningful way and now has members right across the UK.
We share tips, stories and ideas on how to encourage others to try Bitcoin for the first time. And, thanks to support from Luno, each Pioneer gets £500 of Bitcoin a month to share with beginners, helping them get started.
So, if you’re passionate about Bitcoin, why not join today? Click here to find out more!
All feedback on Crypto AM Daily in association with Luno is welcome via email to [email protected] 🙏🏻
Yesterday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
*Definitions and insights can be found at https://bytetree.com/insights/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1.749 trillion, up from $1.724 trillion yesterday.
What Bitcoin did yesterday
We closed yesterday, March 15 2022, at a price of $39,338.79, down from $39,666.76 the day before. The daily high yesterday was $39,794.63 and the daily low was $38,310.21.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $750.09 billion yesterday. To put it into context, the market cap of gold is $12.169 trillion and Tesla is $860.09 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $32.318, billion, up from $23.874 billion the day before. 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 62.78%.
Fear and Greed Index
Market sentiment today is 24, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.53. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 50.95. 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
“Sound money solves a multitude of issues.”
U.S. Congressman, Warren Davidson on Bitcoin
What they said yesterday
El Bitcoin…
Bitcoin born again…
Like wildfire…
Crypto AM: Editor’s picks
Meet the hackers helping people recover lost crypto assets
The cryptocurrency fundraisers behind Ukraine’s military effort
Exclusive: Fireblocks valuation climbs to $8bn in $550m funding round
Crypto crazy couple name baby after favourite digital asset
Bitcoin hashrate touches new all time high
Peter McCormack: Transforming Bedford FC into a global Bitcoin brand
Exclusive: FTSE plots development of digital asset index in crypto push
Crypto could give London a unique post-Brexit advantage, says Hammond
Diamond claws: Crypto trading hamster dies after standout investing career
Crypto AM: Features
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: Contributors
Crypto AM: In Conversation with James Bowater
Crypto AM: Tomorrow’s Money with Gavin S Brown
Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
Crypto AM: Visions of the Future, Past & Present with Alex Lightman
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry
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