Bitcoin takes a backseat as alt season buckles up, while Cardano turns to Africa
Crypto at a glance
The alt markets came roaring back overnight, though the Bitcoin price continues to tread water at around $55,000.
Bitcoin’s market dominance currently sits at just 51 per cent – its lowest level since July 2018. So what gives?
The big adoption news yesterday was the announcement that PayPal’s Venmo mobile payment app will soon allow its 70 million users to be able to buy, sell, and hold Bitcoin, Bitcoin Cash, Ethereum and Litecoin.
Venmo is one of the most popular digital payment services in the US and a direct competitor to Square’s CashApp, which has seen huge profits over the last year from its decision to make crypto available on the platform. Venmo is particularly popular among younger Americans, who use the app to make payments or split purchases with friends and family.
The news would have sent Bitcoin soaring in days gone by, but the massive adoption boost couldn’t quite break the leading cryptocurrency out of its holding pattern and it is up just 2.5 per cent since yesterday morning.
There was, however, better news elsewhere, with double digit gains the order of the day further down the board. Ethereum (ETH), XRP, and Cardano (ADA) were all up more than 10 per cent, recovering some of the weekend’s losses, while Binance Coin (BNB) was flying again and up above 20 per cent.
Is just the market settling down after recent turbulence? Are traders moving their money out of Bitcoin in search of greater gains? If they are, it seems they’re at least losing interest in Dogecoin at last, with the joke coin yesterday’s only big dipper despite its fans talking up the prospects of hitting the $1 mark. It’s down 20 per cent in the last 24 hours, trading hands at $0.32 – which is still up 150 per cent over the last seven days. Will it be able to hold onto those gains now?
Cardano’s long awaiting Africa Special was announced yesterday by engineering partner Input Output Group (IOG) and will be taking place on April 29 at 16:30 UTC – you can register to attend via https://africa.cardano.org
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Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,052,482,711,141, up from $1,933,879,220,909 yesterday.
What Bitcoin did yesterday
We closed yesterday, April 20 2021, at a price of $56,473.03 – up from $55,724.27 the day before.
The daily high yesterday was $57,062.15 and the daily low was $53,448.05.
This time last year, the price of Bitcoin closed the day at $6,881.96. In 2019, it closed at $5,337.89.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.037 trillion, up from $1.007 trillion at this time yesterday. To put that into context, the market cap of gold is $11.352 trillion and Alphabet (Google) is $1.542 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $62,908,429,664, down from $66,142,537,395 yesterday. 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 45.84%.
Fear and Greed Index
Market sentiment remains in Greed at 73.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 51.71, down from 53.23 yesterday. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 41.42, down from 37.21 yesterday. 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
“Bitcoin on Venmo for 70 million users places more pressure on Apple, Google, & Facebook to integrate bitcoin into their mobile applications. Meanwhile, no one is going to plug Gold into 5 billion mobile devices.”
– Michael Saylor, bull of bulls
What they said yesterday
Regulation update in US…
More adoption news…
True…
Charles goes to Africa…
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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 08:30am GMT.