Bitcoin back into green territory as important day for markets looms
Bitcoin is trading up by a slight margin (0.24%) over 24 hours as it’s another day of wait and see for investors.
The Federal Reserve Bank in the US is set to deliver its interest rate decision today, which will no doubt move the markets depending on the outcome. Analysts expect a lighter touch from the Fed this time round, saying a hike of 25 basis point is likely. Whether it’s been priced in already is the big question.
Ethereum is tracking Bitcoin. The second-largest crypto also in the green by less than a percentage point, changing hands for $1,573 this morning. Notably, Cardano is up by more than 2% while many other smart contract cryptocurrencies are in the red today.
Yesterday’s Crypto AM Daily in association with Luno
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 $1.044 billion.
What Bitcoin did yesterday
We closed yesterday, 30 January, at a price of $23,139. The daily high yesterday was $23,225, and the daily low was $22,765.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $446.082 billion. To put it into context, the market cap of gold is $12.808 trillion and Tesla is $546.98 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $22.837 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 37.01%.
Fear and Greed Index
Market sentiment today is 51, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.53. Its lowest ever recorded dominance was 37.09 on 1 January 2018.
Relative Strength Index (RSI)
The daily RSI is currently 68.24. 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 fam: Soundbite of the day
“Bitcoin is the biggest invention of my lifetime.”
Jack Mallers, CEO of payments company Strike
What they said yesterday
Mmmmm. Pie.🥧…
Perhaps the OGs are onto something…
Bounce it around, give a try…
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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.
All information is correct as of 08:00 BST