Bitcoin price up but struggling for a foothold on psychological $20k mark
The price of Bitcoin has recovered somewhat after its drop below $19k yesterday, but continues to struggle with the psychologically-important $20k level. The largest cryptocurrency by market-value is up 2.27 per cent this morning, changing hands for $19,210.
The largest cryptocurrency is struggling along with most other major assets, as investors continue to weigh up ongoing Federal Reserve monetary hawkishness and macroeconomic uncertainty that have dominated the agenda for most of the year now.
Ethereum has also continued its recent trend of outperforming bitcoin, rising more than six per cent since this time yesterday to trade over $1,610 amid excitement for the Merge next 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/research
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $976,074,820,394.536
What Bitcoin did yesterday
We closed yesterday, September 7 2022, at a price of $19,290.32. The daily high yesterday was $19,427.17 and the daily low was $18,644.47.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $368.52 billion. To put it into context, the market cap of gold is $11.413 trillion and Tesla is $882.59 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $32.695 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 39.04%.
Fear and Greed Index
Market sentiment today is 20, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 39.06. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 38.33. 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
“In times of deglobalisation, war and worldwide hyperinflation is there anything more important than decentralised, unconfiscatable, hard money? I expect Bitcoin will enter the limelight in a big way soon. A paradigm shift.”
Charles Edwards, Founder, Capriole Fund
What they said yesterday
The coin that could…
Solar-powered money…
Banks getting in on the Merge action…
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Crypto AM: Industry Voices
Crypto AM: Contributors
Crypto AM: In Conversation with James Bowater
Crypto AM: Tomorrow’s Money with Gavin S Brown
Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
Crypto AM: Visions of the Future, Past & Present with Alex Lightman
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry
Crypto on the catwalk
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