Bitcoin breaks $55k again as JP Morgan changes tune
Crypto at a glance
Bitcoin saw its fourth straight daily gain yesterday, as the largest cryptocurrency climbed briefly past $55,000 late in the day.
A stumble overnight saw the price fall as much as 2.1% back down to $53,500, though normal service was swiftly resumed and it’s again changing hands at around $55,000 at time of writing. Can Bitcoin now test the record high it set last month?
It seems everyone is coming round to the idea of Bitcoin at the moment. Even long-time crypto sceptic and America’s largest bank, JPMorgan Chase is looking to join the party.
They announced yesterday that they will issue debt linked to a basket of companies that they believe “to be, directly or indirectly, related to cryptocurrencies or other digital assets, including as a result of Bitcoin holdings, cryptocurrency technology products, cryptocurrency mining products, digital payments or Bitcoin trading”.
Will there be any sceptics left soon? Who will we shout at on Twitter when they’re all gone?
With Bitcoin breaking $55,000 again, all eyes are now on whether Ethereum can push past $2,000 or whether its rivals can catch up?
The other big gainer yesterday was Binance Coin (BNB), which has again stolen a march in the battle for third in the market cap wars. It’s up almost 20% over the last 24 hours and again pushing towards the $300 mark and new record highs.
DOT is also up almost 10%, while Cardano (ADA) has been relatively quiet after its recent surge. Uniswap (UNI) is also proving it’s not just a flash-in-the-pan, holding its top 10 spot.
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In the markets
| Name | Price | Price Change (24h) | Price Change (7 days) | |
| Bitcoin (BTC) | $54,590.87 | +1.60% | +9.69% | |
| Ethereum (ETH) | $1,818.11 | -0.15% | +15.92% | |
| XRP (Ripple) | $0.4699 | -1.92% | +5.97% | |
| Monero (XMR) | $220.13 | -0.69% | -1.91% | |
| Polkadot (DOT) | $38.45 | +8.15% | +1.30% | |
| Algorand (ALGO) | $1.17 | +0.88% | +1.19% | |
| Cardano (ADA) | $1.17 | +4.08% | -5.66% | |
| Chainlink (LINK) | $30.68 | -1.25% | +0.35% | |
| Aave (AAVE) | $432.64 | +1.32% | +6.17% | |
| UniSwap (UNI) | $32.06 | -3.70% | +19.28% | |
| Celsius (CEL) | $5.36 | -1.55% | +13.18% | |
| Binance Coin (BNB) | $285.89 | +18.08% | +14.22% | |
| Crypto market cap | $1,687,243,959,650 | |||
| MVIS CryptoCompare Digital Assets 100 Large-Cap Index | +7.17 | |||
| MVIS CryptoCompare Digital Assets 100 Small-Cap Index | +8.07 | |||
| MVIS CryptoCompare Ethereum VWAP Close Index | -0.80 | |||
| Prices and data as of [08:30, 10/03/2021] | Source: CryptoCompare.com, MVIS |
The Bitcoin economy
*Definitions and insights can be found at https://bytetree.com/insights/
What Bitcoin did yesterday
We closed yesterday, March 9 2021, at a price of $54,824.12 – up from $52,246.52 the day before. That’s the highest daily close since February 21.
The daily high yesterday was $54,824.12 and the daily low was $51,981.83. That’s the fifth consecutive higher daily low in a row.
This time last year, the price of Bitcoin closed the day at $7,923.64. In 2019, it was $3,963.31.
As of today, buying Bitcoin has been profitable for…
99.9% of all days since 2013-04-28.
Bitcoin market capitalisation
Bitcoin’s market capitalisation is $1,017,870,182,774 at time of writing, up from $1,005,407,221,246 yesterday. It’s now less than $400 billion behind silver. That may sound a lot, but it was over $100 billion behind Tesla not that long ago, and now it’s almost $350 billion ahead.
Bitcoin volume
The volume traded over the last 24 hours was $49,266,303,818, down from $52,963,089,659 yesterday. 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 73.96%.
Fear and Greed Index
Market sentiment is down to 68 today, back in mere greed.
Bitcoin’s market dominance
Bitcoin’s market dominance is 61.17. Its lowest ever recorded dominance was 37.09 on January 8, 2018.
Relative Strength Index (RSI)
The daily RSI is 63.71. 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
“At its core, bitcoin is a smart currency designed by very forward-thinking engineers. It eliminates the need for banks, gets rid of credit card fees, currency exchange fees, money transfer fees, and reduces the need for lawyers in transitions… all good things.“
Peter Diamandis, CEO of the Zero Gravity Corporation
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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 08:30am GMT.