Bitcoin treads water close to $23k as Ethereum shows nerves, but Cardano looks strong
Bitcoin looks to be gathering strength for an assault on $23,000 after getting its boots stuck in some muddy resistance around the $22,800 mark over the weekend.
Trading activity on the flagship cryptocurrency is quite telling though, at 98 per cent ‘buy’ which is a stat we haven’t seen for some time, despite 24-hour trading volume falling slightly to $24.5 billion.
However, the charts are displaying what many a trader would describe as a very healthy direction. Across 28 days, BTC has risen some 36 per cent while the seven day lift is above 10 per cent – an upward curve that isn’t going unnoticed and is supported with strong trading activity.
Ethereum, meanwhile, appears slightly jittery, but also heading upwards. Although, its weekly lift sits below six per cent against the monthly rise of 33 per cent. Trading activity is only showing 85 per cent buy, which possibly suggests there’s been some shifting of funds into Bitcoin.
Cardano, the other darling of the crypto markets, appears to be joining Bitcoin for some R&R with a fairly flat line this morning at $0.38. Something to watch here is the 24-hour trading volume which is well up at seven per cent to $633.6 million. Backed up with a 28-day rise of 46 per cent and a seven-day lift of eight per cent, analysts might suggest there’s more to come this week from ADA.
Friday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
*Data can be found at https://terminal.bytetree.com/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market this morning was $1.049 trillion.
What Bitcoin did yesterday
We closed yesterday – January 22 – at a price of $22,720. The daily high yesterday was $23,056, and the daily low was $22,387.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $441.11 billion. To put it into context, the market cap of gold is $12.725 trillion and Tesla is $421.3 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $24.416 billion. 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 37.05%.
Fear and Greed Index
Market sentiment today is 50, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.08. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 82.52. 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 is digital gold. It’s programmed scarcity”
Former Chairman of the Commodity Futures Trading Commission, J Christopher Giancarlo
What they said yesterday
The tides are turning…
About time…
Possibilities are endless…
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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