Bitcoin takes a breather as Solana and Cardano pull back
Crypto at a glance
Cryptocurrencies are mostly down today, with Bitcoin continuing its relatively flat week as it takes a breather after recent excitement.
The market leader hit a low of $44,000 early this morning, though it is currently back changing hands for just over $45k. That’s still down more than two per cent over both the past 24 hours and seven days.
It’s been a slow week generally for the market leaders BTC and ETH, without any notable breakouts.
The two cryptocurrencies have been unable to push above resistance levels around $48,000 for BTC and around $3,300 for ETH. This is despite the ongoing positive vibes in the market, with the Fear and Greed Index that measures market sentiment continuing to sit comfortably in the “Greed” area. It has now been in the “Greed” area for more than a week, the first time it’s had such a prolonged streak since early May.
The big concern continues to be relatively-low volumes, with the activity on the leading spot exchanges declining again of late. The seven-day average real Bitcoin trading volume pushed towards $7 billion last week, but we’re now back down to $5 billion.
As noted by Arcane Research… “it’s not surprising, nor concerning, to see the volume decline when the BTC price stays flat. However, if the price starts pushing higher again on declining volume, it can signify an exhausted market, and it will probably not be a sustainable move. We want to see a clear uptick in volume if the BTC price jumps up towards $50k again.” Will we see that happen this week?
Elsewhere, it’s red across the board today as the majority of large cryptocurrencies pull back after recent gains. Solana (SOL) is down four per cent to below $70 after its recent ascent into the top 10 by market cap, while other recent climbers including XRP and Cardano (ADA) are also down. Can they get back on track?
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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 $1,933,687,469,055.
What Bitcoin did yesterday
We closed yesterday, August 17 2021, at a price of $44,695.36 down from $46,004.48 the day before.
The daily high yesterday was $47,139.57 and the daily low was $44,512.42.
This time last year, the price of Bitcoin closed the day at $11,991.23. In 2019, it closed at $10,345.81.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $853.5 billion. To put it into context, the market cap of gold is $11.401 trillion and Facebook is $1.01 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $35,060,464,885 up from $31,293,873,482. 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 55.81%.
Fear and Greed Index
Market sentiment today is 73.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.70, Its lowest ever recorded dominance was 37.09 on January 8, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 62.44. 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
“Bitcoin isn’t so much a bubble as ‘the last functioning fire alarm’ warning us of some very big geopolitical changes ahead.”
– Financial Times (Feb, 2021)
What they said yesterday
From shark tank to bull tank…
Nice…
Ready?
The countdown begins…
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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