Bitcoin breaches $28k with little resistance
10 DAYS TO GO!
Get your tickets here…
Bitcoin is up 27% over the last week and is currently trading around $28,220. Ethereum at $1,795 is also well in the green and up by more than 12% over seven days.
There’s a clear divergence forming between Bitcoin and other cryptocurrencies as the market leader continues to outperform most other large-cap cryptos. More than $45 billion of Bitcoin has moved on exchanges in the last 24 hours – an increase of 46%.
”The momentum is all driven by liquidity, as Bitcoin is an alternative liquidity vehicle,” Markus Thielson, head of research and strategy at digital asset financial services firm Matrixport commented. Thielson sees a continued flow of liquidity from central banks into crypto assets.
Third-generation cryptos have also come along for the ride. Solana (+8.4%), Cardano (1.52%) and Chainlink (+1.52%) are all in the green this morning with a strong showing over seven days.
Friday’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 $.181 trillion.
What Bitcoin did yesterday
We closed yesterday, March 19, at a price of $28,038. The daily high yesterday was $28,440, and the daily low was $26,907.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $546.780 billion. To put it into context, the market cap of gold is $13.246 trillion and Tesla is $569.94 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $45.990 billion. High volumes can indicate that a significant price movement has stronger support.
Volatility
The price volatility of Bitcoin over the last 30 days is 64.13%.
Fear and Greed Index
Market sentiment today is 66, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 47.72. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 72.85. 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.
Soundbite of the day
Bitcoin is not for making money. Bitcoin is for saving money. It is not an inflation hedge. It is a hyperinflation hedge.
Balaji Srinivasan
Investor and former CTO at Coinbase
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.