Bitcoin currently sitting above important price point
It’s been a strong start to the week in the crypto markets, which started surging upwards on Saturday and have continued since. The price of Bitcoin this morning rose to more than $47k for the first time since January 4. It’s since settled back to around $46,950 – up five per cent since this time yesterday and almost 15 per cent since this time last week. Ethereum has also been performing strongly, up five per cent over the past 24 hours to highs of $3,300.
The $46,000 price point is considered important because it was where we started the year, potentially signalling that Bitcoin was ready for bigger things once more.
The fear and greed index which measures customer sentiment has also now picked up, rising into greed territory for the first time this year. Will a return of positive sentiment usher in a new bull run and another push past $50k, or are we set for another lengthy period of consolidation?
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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 $2.125 trillion.
What Bitcoin did yesterday
We closed yesterday, March 27 2022, at a price of $46,820.49, up from $44,500.83 the day before. The daily high yesterday was $46,827.55 and the daily low was $44,437.29. This time last year, the price of Bitcoin closed at $55,950.75. In 2021 it closed at $6,242.19.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $890.5 billion. To put it into context, the market cap of gold is $12.282 trillion and Tesla is $1.047 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $34.156 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 54.43%.
Fear and Greed Index
Market sentiment today is 60, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.83. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 69.88. 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
“The best investment you can make is in yourself. The second best is Bitcoin.”
New York Times best selling author, Peter H Diamandis.
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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