Bitcoin smashes through $50k, but Cardano steals limelight as it looks to break $3
Crypto at a glance
The price of Bitcoin has shot above $50,000 for the first time in three months, as the crypto markets continue to recover after their recent malaise.
The leading cryptocurrency by market cap is currently up 2.5 per cent over the last 24 hours, changing hands for around $50,300. That’s the highest it’s been since May 15. It’s still down $14,000 since the all-time highs it set that month, but can the swing in momentum see it outstrip even those?
The causes of the recent price increase are less easy to pinpoint than earlier in the year, when a confluence of factors from Elon Musk to a wave of institutional investment saw demand for the cryptocurrency soar.
Many institutional players are, however, continuing to make steps into crypto, with JPMorgan and Wells Fargo in particular recently expanding their offerings. There’s also been an influx of asset managers filing for ETFs that invest in bitcoin futures, after Securities and Exchange Commission chair Gary Gensler earlier this month indicated that he could approve such funds.
Retail volumes, however, remain stubbornly low relative to earlier in the year. Will hitting the psychologically-important $50k landmark help bring them back?
Bitcoin’s breakout is echoed by a wider pump across the cryptocurrency markets. Ethereum, Dogecoin and XRP are both also up about three per cent. The standout performer, however, continues to be Cardano (ADA), which is up another 8.5 per cent over the last day to $2.84, having just hit a record high of $2.86. The cryptocurrency has swelled to become the third largest by market cap ahead of the long-anticipated launch of smart contracts on the network at the start of September.
The Crypto AM London Blockchain & DeFi Summit will be held on the September 29 and 30…
Day One will be held at ETC Fenchurch Street hosting the four Crypto AM Canada Roundtables so that delegates can meet and network with each other and learn from great discussions and talks.
Day Two will be summit day (streamed and live audience) at the Leonardo Royal Hotel, St Paul’s, finishing with the black tie gala dinner in the same venue where the winners of the Crypto AM Awards 2021 will be revealed.
For speaking opportunities, partnership packages or attendance (tickets will be strictly limited and by application) please email: [email protected] using the subject line CRYPTOAM SUMMIT.
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Friday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
*Definitions and insights can be found at https://bytetree.com/insights/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,149,526,992,228.
What Bitcoin did yesterday
We closed yesterday, August 22 2021, at a price of $49,321.65 up from $48,905.49 the day before.
The daily high yesterday was $49,471.61 and the daily low was $48,199.94.
This time last year, the price of Bitcoin closed the day at $11,664.85. In 2019, it closed at $10,407.97.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $943.25 billion. To put it into context, the market cap of gold is $11.351 trillion and Facebook is $1.013 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $30,324,583,394. 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 53.89%.
Fear and Greed Index
Market sentiment today is 79.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.45, Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 71.98. 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
“It’s digital gold. I would like to see every single household in my city receive some level of Bitcoin, whether it be $500 or $1,000.”
– Jayson Stewart, Mayor of Cool Valley (a real place)
What they said yesterday
Zoom out…
Many have…
Incoming…
Crypto AM editor’s pick
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Crypto AM: Tiptoe through the Crypto with Monty Munford
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Crypto AM Parliamentary Special
Part one of two – April 2021
Part two of two – April 2021
Five Part Series – March 2021
Part one…
Part two…
Part three…
Part four…
Part five…
Crypto AM Events
For those of you who missed the Crypto AM DeFi & Digital Inclusion online summit – you can now watch the event in two parts via YouTube…
Part one…
Part two…
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