Bitcoin volumes low as markets stay flat
It’s been another flat 24 hours for the prices of major cryptocurrencies, with Bitcoin up less than one per cent since this time yesterday.
The leading cryptocurrency is holding at just below $42k, as demand continues to remain low. There’s been a significant drop in the seven-day average real BTC trading volume lately, which this week hit lows not seen for almost six months.
The primary causes for this lack of demand has been put down to the same global financial factors that have plagued markets for the past month, including supply chain issues, Omicron, and rising inflation. As positive signals continue to emerge that the pandemic is coming to an end, will we see an uptick in sentiment any time soon?
Elsewhere, Ethereum is also up around one per cent in the last day and is currently changing hands for around $3,150.
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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 $1,977,458,558,716 up from $1,972,246,527,745 yesterday.
What Bitcoin did yesterday
We closed yesterday, January 19 2022, at a price of $41,744.33, down from $42,375.63 the day before. The daily high yesterday was $42,478.30 and the daily low was $41,242.91.
This time last year, the price of Bitcoin closed the day at $35,547.75. In 2020, it closed at $8,657.64.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $795.62 billion. To put it into context, the market cap of gold is $11.69 trillion and Tesla is $999.89 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $22,910,018,166 down from $22,913,463,253 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 39.13%.
Fear and Greed Index
Market sentiment today is 24, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 40.29. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 36.08. 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
“One of the greatest problems in our society is too much power centralized in too few hands, which produces anticompetitive effects that entrench incumbents and prevent innovation.”
Ohio senate candidate Morgan Harper, on Bitcoin.
What they said yesterday
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Fact checking the fact checkers…
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Crypto AM: In Conversation with James Bowater
Crypto AM: Tomorrow’s Money with Gavin S Brown
Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
Crypto AM: Visions of the Future, Past & Present with Alex Lightman
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry
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Crypto AM: Events
For those of you who missed the Crypto AM DeFi & Digital Inclusion online summit 2021 – you can now watch the event in two parts via YouTube
Part One
https://www.youtube.com/watch?v=dvqNMNZTIDE
Part Two
https://www.youtube.com/watch?v=WXhX_-Tr5j0
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