Bitcoin digs in as the battle for $25k begins
Bitcoin yesterday pushed above $25,000 for the first time since June last year, before settling on support levels around $24,500 this morning.
The original cryptocurrency is currently up 15% over the last week, pushing upwards at $24,870. Ethereum is following the same path, trading for $1,715, also increasing in price by 15% over the week.
Next-gen cryptocurrencies are still riding the wave of last week’s big push in crypto markets. Cardano, at $0.41, is in the green by 1% over the day, and up by 16% over seven days, while Polygon has added 23% to its price over the same period. Solana is the newsmaker today. The cryptocurrency of one of the fastest networks in the industry is up by a remarkable 12% since yesterday.
Analysts suggest Bitcoin has found robust new support at $23,000, possibly laying the groundwork for investors to test higher levels in the coming weeks.
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 $1.118 billion.
What Bitcoin did yesterday
We closed yesterday, February 19, at a price of $24,327. The daily high yesterday was $25,093, and the daily low was $24,327.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $472,888 billion. To put it into context, the market cap of gold is $12.228 trillion and Tesla is $659.11 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $28,537 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 36.17%.
Fear and Greed Index
Market sentiment today is 58, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.01. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 66.53. 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
“The conclusion that it is possible to issue digital securities under English law, without the need for any further legislation, is a major milestone,”
Richard Hay, UK head of fintech at Linklater
What they said yesterday
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Adoption…
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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.