Bitcoin holds the line as it battles against market forces
The price of Bitcoin has managed to hold above $42,000, after yesterday falling briefly below the psychologically important $40,000 level for the first time since September of last year. As in September, it rebounded almost immediately . At time of writing, the largest cryptocurrency by market cap was changing hands for $41,872. It’s still down nearly 10 per cent since this time last week, and more than 35 per cent down from the all-time high it saw in November.
The alt markets are struggling a little more, as is historically the case when markets hit a bump. Ethereum is down another two per cent over the past 24 hours this morning, currently holding at just above $3,100. It’s down almost 20 per cent over the past seven days. Solana (SOL), Polkadot (DOT) and Cardano (ADA) are also all down around 20 per cent over the past week.
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Yesterday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
*Definitions and insights can be found at https://bytetree.com/insights/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,954,659,246,584 down from $1,978,270,061,030 yesterday.
What Bitcoin did yesterday
We closed yesterday, January 10 2022, at a price of $41,821.26, down from $41,911.60 the day before. The daily high yesterday was $42,199.49 and the daily low was $39,796.57.
This time last year, the price of Bitcoin closed the day at $35,566.66. In 2020, it closed at $8,166.55.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $796 billion. To put it into context, the market cap of gold is $11.476 trillion and Tesla is $1.062 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $33,374,369,519 up from $21,001,790,399 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 42.4%.
Fear and Greed Index
Market sentiment today is 21, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 40.83. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 30.97. 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
“Bitcoin is the only economic entity where the supply is unaffected by the demand.”
Legendary investor and self-confessed Bitcoin bull, Bill Miller.
What they said yesterday
In it for the long game…
https://twitter.com/saquon/status/1480738426236375041
Greener than gold…
We miss you, Hal! You made history that day…
Crypto AM: Editor’s picks
Bitcoin hashrate touches new all time high
Peter McCormack: Transforming Bedford FC into a global Bitcoin brand
Exclusive: FTSE plots development of digital asset index in crypto push
Crypto could give London a unique post-Brexit advantage, says Hammond
Diamond claws: Crypto trading hamster dies after standout investing career
New cryptocurrency named ‘JRR Token’ blocked by lawyers for Lord of the Rings creator Tolkien
El Salvador to build Bitcoin city at base of volcano
Crypto AM: Features
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: Contributors
Crypto AM: In Conversation with James Bowater
Crypto AM: Tomorrow’s Money with Gavin S Brown
Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
Crypto AM: Visions of the Future, Past & Present with Alex Lightman
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry
Crypto on the catwalk
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