Bitcoin price steadies below $46k following weekend of landmarks
It was a weekend of landmarks for Bitcoin, with the nineteen millionth Bitcoin released into circulation on Friday. There are now just two million yet to be minted, less than 10 per cent of its fixed 21 million supply.
Despite this, it was a slow weekend for prices as major cryptocurrencies continue to consolidate. The Bitcoin price started quietly, slipping from $47k to $45k on Friday.
By late Sunday though, the largest cryptocurrency by market capitalisation had soared back past $47,300 at one point, a 2.6 per cent gain from 24 hours earlier. It failed to close the week at its highest level of the year, but is currently flat over the past 24 hours at just below the $46k mark. Where to this week?
It’s a similar story elsewhere in the cryptocurrency markets. Ether – the second largest crypto by market cap – also saw a dip before it regained ground to jump past the $3,500 level. Will the two continue to move in tandem this week?
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Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $2.156 trillion.
What Bitcoin did yesterday
We closed yesterday, April 3 2022, at a price of $46,453.57, up from $45,868.95 the day before. The daily high yesterday was $47,313.48 and the daily low was $45,634.10.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $878.4 billion. To put it into context, the market cap of gold is $12.241 trillion and Tesla is $1.12 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $27.116 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 36.03%.
Fear and Greed Index
Market sentiment today is 52, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.43. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 61.18. 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.
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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