Bitcoin still climbing as cryptocurrency markets retrace losses
The strong start to the week continues for Bitcoin, which climbed to highs of $45k overnight for the first time in over a month. The largest cryptocurrency is currently changing hands for around $44k, down from earlier highs but up almost four per cent on this time yesterday morning and 15 per cent on this time last week. It’s now retraced around 30 per cent of the sell-off since November.
The move means market sentiment is the highest it’s been this year, rising to neutral on the Fear and Greed Index for the first time since December 22 2021.
The uptick is reflected across the markets, with Ethereum has also grown by about one per cent in the last 24 hours, surging to a three-week high of $3,150. XRP leads the price rises though, with an 12 per cent increase over the past 24 hours to over $0.95.
This follows news around the court case in which the US Securities and Exchange Commission alleges Ripple sold XRP as an unregistered security to the public.
The judge in the case has reportedly granted Ripple permission to respond to the SEC’s Memorandum of Law in support of the Motion to Strike fair notice defence, which essentially means the case is moving into its next phase of the case where “things” are going to happen – apparently good news for investors.
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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/insights/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $2.050 trillion, up from $1.961 trillion yesterday.
What Bitcoin did yesterday
We closed yesterday, February 7 2022, at a price of $43,840.29, up from $42,412.43 yesterday. The daily high yesterday was $44,401.8 and the daily low was $41,748.16.
This time last year, the price of Bitcoin closed the day at $46,196.46. In 2020, it closed at $9,865.12.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $847.53 billion. To put it into context, the market cap of gold is $11.565 trillion and Tesla is $911.2 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $30.925 billion, up from $21.158 billion the day before. 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 62.89%.
Fear and Greed Index
Market sentiment today is 48, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.26. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 65.44. 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
“I’ve learned a lot about Bitcoin.”
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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