Bitcoin outstrips gold and stock markets as boards turn green again
The crypto markets are up again this morning, with the Bitcoin price pushing towards $44k for the first time since last week. The leading cryptocurrency by market cap is up around four per cent over the past 24 hours, at time of writing, changing hands for $43,557. Ethereum is also up more than five per cent, currently trading at $3,029.
The crypto markets seem to be moving in the opposite direction to global stock markets, which continue to struggle in the face of tension at the Ukraine border. The FTSE 100 ended 1.7 per cent down, and the main markets in Paris and Frankfurt two per cent lower. Bitcoin is even outstripping gold, which is flat over the past 24 hours. Is this the moment it proves itself as a safe haven asset?
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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 $1.946 trillion, up from $1.859 trillion yesterday.
What Bitcoin did yesterday
We closed yesterday, February 14 2022, at a price of $42,586.92, up from $42,197.52 yesterday. The daily high yesterday was $42,775.78 and the daily low was $41,681.96.
This time last year, the price of Bitcoin closed the day at $47,945.06. In 2020, it closed at $9,889.42.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $826.46 billion. To put it into context, the market cap of gold is $11.946 trillion and Tesla is $888.89 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $22.791, up from $16.895 billion 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 62.08%.
Fear and Greed Index
Market sentiment today is 46, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.13. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 59.17. 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
“Miners that hodl their Bitcoin will get paid forever.”
American entrepreneur and business executive, Michael Saylor
What they said yesterday
There’s some distinctly obvious movement going on here…
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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