Bitcoin stalls as markets drop, while ADA looks strong
Crypto at a glance
All eyes this weekend were on the Bitcoin-sponsored car in the 105th Indy 500 (it finished 8th), but while the BTC-adorned Chevrolet was busy tearing past the competition, it was a more stop-start weekend in the crypto markets. What does this week have in store?
The Bitcoin price seems to be establishing itself in a range between $35-$40k, currently trading at around $36k. It fell to $33k yesterday, the lowest it’s been for over a week. It looks as if there’s still cracks from the drop the other week, with concerns about the environmental damage of Bitcoin mining continuing to make headlines. Will we get better news this week?
It seems Bitcoin is still proving something of a drag on the markets, with other leading cryptocurrencies following suit. Ether (ETH) continues to trade at around $2,500, down from highs of just below $3,000 a week ago. It’s still up 10 per cent over the last week, but has a way to go before we can talk about any new all-time highs.
Cardano (ADA) was the standout performer over the weekend, with prices up almost 20 per cent yesterday over the 24 hours. It’s currently trading at around $1.62 and is again the fourth-largest cryptocurrency by market cap, having leapfrogged Binance Coin (BNB) again. ADA is riding high on its credentials as a more “sustainable” crypto, though it is down one per cent today. Can it now hold its position?
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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 $1,523,809,822,874,
What Bitcoin did yesterday
We closed yesterday, May 30 2021, at a price of $34,616.07, up from $35,697.61 the day before.
The daily high yesterday was $37,234.50 and the daily low was $33,693.93.
This time last year, the price of Bitcoin closed the day at $9,700.41. In 2019, it closed at $8,319.47.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $666.8 billion. To put it into context, the market cap of gold is $12.115 trillion and Facebook is $932.1 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $30,450,258,873. 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 85.69 per cent.
Fear and Greed Index
Market sentiment today is 18.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.50, Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 34.18. 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.
Convince your Nan: Soundbite of the day
“The world is changing, we all just have to understand it’s constant change and you can either be ahead of the curve or behind it and I’m choosing to be ahead of it. As someone who wants to be on the forefront of things, I’m going to help create the trend and adopt it and recognize this is where the world is heading.”
– Tom Brady, American hero
What they said yesterday
Our boy…
Telling…
It’s happening…
Foreseen…
Crypto AM Editor writes
Further pain ahead for Bitcoin as environmental groups queue up to reject cryptocurrencies
How are cryptocurrencies coping this weekend?
Bruised Bitcoin heads into an uncertain weekend
China’s CMB International and Nervos Foundation launch $50m blockchain fund
Cardano teams up with Save the Children for humanitarian initiative
HMRC: We’re not clamping down on crypto
Ethiopia overhauls its educational system with IOHK blockchain partnership
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Part one of two – April 2021
Part two – April 2021
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Part one…
Part two…
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Part four…
Part five…
Crypto AM: Recommended Events
Bitcoin 2021
June 3 to 5 2021 – Miami
Crypto AM Canada Roundtable
Crypto AM DeFi & Digital Inclusion Summit
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Crypto AM Awards 2021
September 29 and 30 2021
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 08:30am GMT.