Bitcoin hovering around $20k, while altcoins struggle
The price of Bitcoin (BTC) has again slipped below $20k, having spent the beginning of the week hovering just above $21k.
The largest cryptocurrency by market capitalisation was changing hands for around $19,988 this morning, down about 4.4 per cent over the past 24 hours. Bitcoin is now down around 30 per cent over the last month.
The price of Ether (ETH), the second-largest crypto by market cap, has also dropped this morning. It’s changing hands for $1,125, down around seven per cent since this time yesterday. Most other major cryptocurrencies are in the red, with Solana (SOL) and Dogecoin (DOGE) both down more than nine per cent.
Crypto’s downturn has again tracked stock markets, which also fell for a second day running yesterday after also showing signs of recovery last 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/research
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $901 billion.
What Bitcoin did yesterday
We closed yesterday, June 28 2022, at a price of $20,280.64. The daily high yesterday was $21,164.42 and the daily low was $20,228.81.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $383 billion. To put it into context, the market cap of gold is $11.548 trillion and Tesla is $723.12 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $23,811 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 70.92%.
Fear and Greed Index
Market sentiment today is 13, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.58. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 32.09. 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
“Imagine to be able to cross borders, carrying with you all your personal data, stored by a swarm of peers, and accessible at any time with just 24 words.”
Paolo Ardoino, CEO Bitfinex
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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