Bitcoin price holds steady above $24k as weekend momentum stalls
The price of Bitcoin (BTC) is holding flat at just above $24k this morning. It’s still in the upper end of the $20,000 to $24,000 range it’s been in for over a month now, but the momentum gathered during the weekend seems to have again stalled for the time being after the largest cryptocurrency by market cap again looked set to push back above $25k.
The price of Ether (ETH) has followed a similar course, rising above the $2,000 mark late Sunday but slipping back below $1,900 this morning – also down less than a percentage point since this time yesterday. The second-largest cryptocurrency by market cap continues to draw interest ahead of the upcoming upgrade to the way it confirms transactions. Other major cryptocurrencies are also broadly flat over the past 24 hours, while traditional equities are up slightly.
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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 $1.144 trillion.
What Bitcoin did yesterday
We closed yesterday, August 15 2022, at a price of $24,136.97. The daily high yesterday was $25,135.59 and the daily low was $23,839.77.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $459.24 billion. To put it into context, the market cap of gold is $11.811 trillion and Tesla is $969.24 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $29.704 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 49.13%.
Fear and Greed Index
Market sentiment today is 44, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 59.1. 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
“Large asset managers are starting to consider this a real investment.”
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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