Bullish week sees Bitcoin recover market dominance, but will it last?
Switzerland is very much open for business when it comes to Blockchain, Crypto and Digital Assets. One of the leading lights there is CV Labs in the Crypto Valley of Zug, led by my friend Ralf Glabischnig.
This coming Monday, I am very much looking forward to attending his event, The Crypto Valley’s Top 50 Round Table, which gathers the founders and senior executives from the top 50 most influential companies in Crypto Valley to provoke meaningful discussion.
It will also provide a forum for me to finally share details of an exciting stealth project whom I advise. Watch out for next week’s Spotlight!
Crypto at a glance
Bitcoin continues to look strong while the alt markets flounder, as bullish news pours in from every direction. The leading cryptocurrency by market cap hit a high of $38,334.33 yesterday, though it’s since fallen back to just above $37,000 this morning. Can it ride the wave through the weekend?
Yesterday’s bullish news was brought to you courtesy of the Basel Committee, the arbiter of international banking standards. They have now formally recognised Bitcoin as an asset class, proposing rules for banks to hold the cryptocurrency that put it in the highest risk category. Bitcoin saw an immediate jump in price of $2,000, rising five per cent in under two hours.
The Basel Committee’s recognition is a major milestone for Bitcoin into the world of traditional finance. But that wasn’t the only foray into traditional finance for Bitcoin yesterday, with two major players announcing moves into the space.
Victory Capital, which manages nearly $160 billion in assets, announced they will launch a private fund for accredited investors that will track the Nasdaq Crypto Index (NCI). State Street, the second oldest bank in the US, also announced plans to launch a “multi-asset platform” that will support cryptocurrency trading, citing rapidly-rising customer demand.
It tops a bullish week of news for Bitcoin, which has recovered well from Tuesday’s $31k. Weekends have not been kind to the crypto markets lately, but will this be different?
Bitcoin seems to be out on its own somewhat at the moment, with stagnation down the rankings enabling the market leader to recover some of the dominance it lost recently. It currently accounts for almost 45 per cent of the market again, with Ethereum changing hands for below $2,500 at time of writing – down four per cent over the last 24 hours. Cardano (ADA), Binance Coin (BNB) and Dogecoin (DOGE) are all down around four per cent at time of writing. Can they follow Bitcoin’s lead again?
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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 $1,572,300,540,517.
What Bitcoin did yesterday
We closed yesterday, June 10 2021, at a price of $36,702.60, down from $37,345.12 the day before.
The daily high yesterday was $38,334.33 and the daily low was $35,847.59.
This time last year, the price of Bitcoin closed the day at $9,321.78. In 2019, it closed at $7,927.71.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $688.45 billion. To put it into context, the market cap of gold is $12.101 trillion and Facebook is $942.67 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $43,224,623,214, down from $50,778,692,679 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 96.79%.
Fear and Greed Index
Market sentiment today is 21.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.52, Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 43.54. 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 a technical solution to give 8,000,000,000 people property rights… when their relatives remit money back to El Salvador they lose 10% through money transfer agents.”
– Part time MicroStrategy CEO + full time Bitcoin bull, Michael Saylor
What they said yesterday
Bitcoin is hope…
This is fun whether you like Bitcoin or not…
There’s bullish and there’s…
Big upgrade incoming…
Crypto AM editor writes
Ripple making waves against the SEC’s confusing crypto rule book
John McAfee faces dying in prison for the same thing Elon Musk does on Twitter, says his wife
Further pain ahead for Bitcoin as environmental groups queue up to reject cryptocurrencies
How are cryptocurrencies coping this weekend?
Bruised Bitcoin heads into an uncertain weekend
China’s CMB International and Nervos Foundation launch $50m blockchain fund
Cardano teams up with Save the Children for humanitarian initiative
HMRC: We’re not clamping down on crypto
Ethiopia overhauls its educational system with IOHK blockchain partnership
Crypto AM: Longer Reads
City PM Markets: What is Decentralised Finance (DeFi) by Aave
Crypto AM: Conversation with James Bowater
Crypto AM: Market View
Crypto AM: Technically Speaking
Crypto AM: A Trader’s View with TMG
Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
Crypto AM: Talking Legal
Crypto AM: Spotlight
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Definitively DeFi
Crypto AM Parliamentary Special
Part one of two – April 2021
Part two of two – April 2021
Five-part series – March 2021
Part one…
Part two…
Part three…
Part four…
Part five…
Crypto AM: Recommended Events
Crypto AM Canada Roundtable
Crypto AM DeFi & Digital Inclusion Summit
&
Crypto AM Awards 2021
September 29 and 30 2021
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.