Bitcoin price drops by five per cent as cryptocurrency markets slip again
The crypto markets have slipped again overnight, with the price of Bitcoin dropping five per cent over the past 24 hours to around $29,500 this morning.
The leading cryptocurrency had looked stronger over the weekend and showed signs of a potential change of momentum, but it looks set to continue in the now-well-established narrow range between $28k and $31,500 for the time being.
It’s a similar story throughout the markets, with Ether, the second largest crypto by market cap, changing hands at roughly $1,750 – down about seven per cent over the same period.
The Fear and Greed index, which measures investor sentiment, is currently at 15 – a small uptick from yesterday but nonetheless still firmly stuck in Extreme Fear, where it’s now been for more than a month.
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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 $1.21 trillion.
What Bitcoin did yesterday
We closed yesterday, June 6 2022, at a price of $31,370.67. The daily high yesterday was $31,693.29 and the daily low was $29,894.19.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $563 billion. To put it into context, the market cap of gold is $11.74 trillion and Tesla is $740.58 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $35,584 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 58.27%.
Fear and Greed Index
Market sentiment today is 15, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 46.92. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 44.48. 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
“The past year in the world of crypto, non-fungible tokens (NFTs), and even decentralized autonomous organizations (DAOs) has highlighted a previously unimaginable opportunity to grow the connection between creators and their fans.”
Susan Wojcicki, YouTube CEO
What they said yesterday
It’s coming…
Whoops…
In another galaxy, far away…
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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