Bitcoin’s teen spirit gets off to a gentle start
Happy new year! And, more importantly, happy birthday, Bitcoin! Yesterday marked the original and still-largest cryptocurrency’s 13th birthday, the start of its teenage years. What kind of adolescence can we expect?
Though the concept of Bitcoin was unleashed into the world on October 28 2008 with the publication of the Bitcoin whitepaper, it wasn’t actually until January 3 2009 that anonymous creator Satoshi Nakamoto mined the first Bitcoin itself and started a revolution in the world of finance. Today, the cryptocurrency ecosystem encompasses thousands of cryptocurrencies and there are projects around the world using the technology.
Last year saw Bitcoin surpass $1 trillion in market value for the first time, El Salvador adopted Bitcoin as legal tender, and banks including Morgan Stanley and JP Morgan started to offer wealthy clients access to Bitcoin funds. What does 2022 have in store?
It’s been a gentle start to the year, with the Bitcoin price continuing to trade in the same range between $46,000-$51,000. Bitcoin is currently down by about two per cent over the last 24 hours, trading for more than $46,000, though below its average trading price of about $48,000 over the last 200 days. The global crypto market is also down by about 1.5 per cent since this time yesterday to about $2.21 trillion.
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Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,225,180,411,845, down from $2,243,803,480,422 yesterday.
What Bitcoin did yesterday
We closed yesterday, January 3 2022, at a price of $46,458.12, down from $47,345.22 the day before. The daily high yesterday was $47,510.73 and the daily low was $45,835.96.
This time last year, the price of Bitcoin closed the day at $31,971.91. In 2019, it closed at $7,410.66.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $879.79 billion. To put it into context, the market cap of gold is $11.459 trillion and Tesla is $1.204 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $34,534,565,122, down from $33,071,628,361.52 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 41.56%.
Fear and Greed Index
Market sentiment today is 23, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 39.69. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 38.91. 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
“Given that money is one half of every commercial transaction and that whole civilizations literally rise and fall based on the quality of their money, we are talking about an awesome power, one that flies under the cover of night.”
Ron Paul
What they said yesterday
Happy birthday Bitcoin!
Hope?
Brace yourselves!
Crypto AM: Editor’s picks
Peter McCormack: Transforming Bedford FC into a global Bitcoin brand
Exclusive: FTSE plots development of digital asset index in crypto push
Crypto could give London a unique post-Brexit advantage, says Hammond
Diamond claws: Crypto trading hamster dies after standout investing career
New cryptocurrency named ‘JRR Token’ blocked by lawyers for Lord of the Rings creator Tolkien
El Salvador to build Bitcoin city at base of volcano
Bitcoin’s long-awaited Taproot upgrade has arrived
Crypto AM: Features
Crypto AM: Spotlighthttps://citypm.eu/bumper-set-to-fire-up-its-liquidity-provision-program-today/embed/
Crypto AM: Founders Series https://citypm.eu/using-blockchain-to-overcome-the-challenge-of-universal-connectivity/embed/
Crypto AM: Industry Voices https://citypm.eu/the-unforeseen-reputational-risks-of-nfts-and-how-to-avoid-them/embed/
Crypto AM: Contributors
Crypto AM: In Conversation with James Bowaterhttps://citypm.eu/creating-a-future-of-access-to-financial-tools-for-everyone-with-meld/embed/
Crypto AM: Tomorrow’s Money with Gavin S Brownhttps://citypm.eu/will-tesla-change-direction-on-bitcoin-again/embed/
Crypto AM: Mixing in the Metaverse with Dr Chris Kacherhttps://citypm.eu/the-metaverse-is-here-and-even-facebook-is-getting-on-board/embed/
Crypto AM: Visions of the Future, Past & Present with Alex Lightman https://citypm.eu/e-naira-digitising-nigeria-improving-lives-and-advancing-national-infrastructure/embed/
Crypto AM: Tiptoe through the Crypto with Monty Munford https://citypm.eu/ive-spotted-curious-similarities-between-bitcoin-and-the-taliban/embed/
Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry
Crypto AM: Parliamentary Special
Part one of two – April 2021https://citypm.eu/the-government-is-cautious-about-crypto-but-i-think-well-get-there/embed/
Part two of two – April 2021https://citypm.eu/opening-our-eyes-to-financial-inclusion-for-the-good-of-the-economy/embed/
Five-part series – March 2021
Day one…https://citypm.eu/financial-services-bill-time-to-act/embed/
Day two…https://citypm.eu/financial-institutions-should-consider-appointing-ai-officers/embed/
Day three…https://citypm.eu/dlt-may-not-be-the-silver-bullet-but-its-worth-a-shot/embed/
Day four…https://citypm.eu/theres-a-real-prize-for-the-uk-to-lead-when-it-comes-to-distributed-digital-id/embed/
Day five…https://citypm.eu/we-need-to-strap-a-rocket-to-the-governments-fintech-thinking/embed/
Crypto AM: Events
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