Bitcoin retraces slightly as market consolidates
At $22,700, Bitcoin is trading lower by 2% over the last 24 hours, while Ethereum is in the red by 2.3%, changing hands for $1,633 this morning.
Experts say the slowdown in the remarkable crypto rally that kicked off the beginning of the year is part of a market wide consolidation at current levels.
The market has generally followed the large-cap cryptos with the exception of Chainlink, which has added 7% to its price since yesterday.
Yesterday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
*Data can be found at https://terminal.bytetree.com/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market this morning was $1.062 billion.
What Bitcoin did yesterday
We closed yesterday, February 8, at a price of $22,939. The daily high yesterday was $23,367, and the daily low was $22,731.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $438,354 billion. To put it into context, the market cap of gold is $12.507 trillion and Tesla is $636.9 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $29.414 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 39.98%.
Fear and Greed Index
Market sentiment today is 55, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.21. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 58.74. 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 fam: Soundbite of the day
“Bitcoin shares most of the features of a store of value, such as gold.”
The Federal Reserve Bank of New York
What they said yesterday
Digital gold…
Money for the modern age…
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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.