Bitcoin looks steady after S&P 500 nears record highs
What a difference a year makes. Last December saw the Bitcoin price increase by more than 30% over the course of the month, rising from $19k to just below $30k. The mood was buoyant, with the Fear and Greed Index (which measures customer sentiment) holding strong in Extreme Greed for basically the entire month.
Fast forward to today, and although the largest cryptocurrency is currently sitting at almost double what it finished the month on at around $50k, the mood is more uncertain. The Fear and Greed Index currently sits in fear, where it’s spent much of the last couple of months, and it’s unclear which direction we’ll head in next.
Despite the uncertainty, Bitcoin did spend much of last week recovering from the previous weekend’s crash and climbed back above the $50,000 mark on Sunday.
The rebound came two days after the S&P 500 closed Friday at a level close to its all-time high, as the global financial markets continue to recover amid the uncertainty surrounding the Omicron variant. It’s since dropped to about $49,000, down about one per cent compared to its price a day earlier but up two per cent on the week. This follows other major cryptocurrencies, which are also largely unmoved over the past day, and actually roughly breaking even over the past week. Will the recovery hold this 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 $2,262,085,882,667.
What Bitcoin did yesterday
We closed yesterday, December 12 2021, at a price of $50,098.34, up from $49,362.51 the day before. The daily high yesterday was $50,724.87 and the daily low was $48,725.85.
This time last year, the price of Bitcoin closed the day at $19,142.38. In 2019, it closed at $7,269.68.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $926.57 trillion. To put it into context, the market cap of gold is $11.341 trillion and Tesla is $1.021 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $22,952,184,381. 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 58.77%.
Fear and Greed Index
Market sentiment today is 28, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.76. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 38.03. 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
“I don’t think there is anything more important in my lifetime to work on [than Bitcoin].”
Jack Dorsey
What they said yesterday
If you have a minute…
Inflation doesn’t have to be the future…
The numbers tell a story…
Crypto AM: Editor’s picks
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
Bitcoin’s long-awaited Taproot upgrade has arrived
NFTs set to fund new cryptocurrency movie
Crypto AM: Features
Crypto AM: Spotlighthttps://citypm.eu/bumper-set-to-fire-up-its-liquidity-provision-program-today/embed/
Crypto AM: Founders Series https://citypm.eu/using-blockchain-to-overcome-the-challenge-of-universal-connectivity/embed/
Crypto AM: Industry Voices https://citypm.eu/the-unforeseen-reputational-risks-of-nfts-and-how-to-avoid-them/embed/
Crypto AM: Contributors
Crypto AM: In Conversation with James Bowaterhttps://citypm.eu/creating-a-future-of-access-to-financial-tools-for-everyone-with-meld/embed/
Crypto AM: Tomorrow’s Money with Gavin S Brownhttps://citypm.eu/will-tesla-change-direction-on-bitcoin-again/embed/
Crypto AM: Mixing in the Metaverse with Dr Chris Kacherhttps://citypm.eu/the-metaverse-is-here-and-even-facebook-is-getting-on-board/embed/
Crypto AM: Visions of the Future, Past & Present with Alex Lightman https://citypm.eu/e-naira-digitising-nigeria-improving-lives-and-advancing-national-infrastructure/embed/
Crypto AM: Tiptoe through the Crypto with Monty Munford https://citypm.eu/ive-spotted-curious-similarities-between-bitcoin-and-the-taliban/embed/
Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry
Crypto AM: Parliamentary Special
Part one of two – April 2021https://citypm.eu/the-government-is-cautious-about-crypto-but-i-think-well-get-there/embed/
Part two of two – April 2021https://citypm.eu/opening-our-eyes-to-financial-inclusion-for-the-good-of-the-economy/embed/
Five-part series – March 2021
Day one…https://citypm.eu/financial-services-bill-time-to-act/embed/
Day two…https://citypm.eu/financial-institutions-should-consider-appointing-ai-officers/embed/
Day three…https://citypm.eu/dlt-may-not-be-the-silver-bullet-but-its-worth-a-shot/embed/
Day four…https://citypm.eu/theres-a-real-prize-for-the-uk-to-lead-when-it-comes-to-distributed-digital-id/embed/
Day five…https://citypm.eu/we-need-to-strap-a-rocket-to-the-governments-fintech-thinking/embed/
Crypto AM: Events
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