Cardano takes the third spot by market cap – Solana has breakout soaring 42% in last 24hrs
Greetings from Palma de Mallorca!
As all of you who read Crypto AM know by now, we are completely agnostic when it comes blockchain protocols but you also know that I am one of the few in the mainstream press who has been a vocal supporter for the last three years of the Cardano project led by IOG’s (Input Output Group) co-founder & CEO Charles Hoskinson.
It’s been an eventful few days in its ecosystem, starting on Friday with the announcement made by my friend Tim Harrison that smart contracts are coming to Cardano with the Alonzo hard fork on September 12. Although this was expected, it seems that the markets hadn’t completely priced in the news as the touch-paper seemed to be lit on the ADA price surging to $2.21 over the weekend.
Additionally it was announced that the Cardano Global Summit will be held on September 25 and 26 with the main gathering in Wyoming. There will also be a London event, which will be a great lead-up to the Crypto AM London Blockchain & DeFi Summit and Crypto AM Awards 2021 on September 29 and 30 (details further down!).
Crypto at a glance
The total market cap of all cryptocurrencies hopped back above $2 trillion this weekend for the first time since May 19, as digital assets across the board continued to trade higher. Bitcoin has been edging closer to the psychological $50,000 level for a week now, though Bitcoin’s total daily volume remains flat compared to earlier in the year. Will they need to pick up before we can say the bull market is back on with any confidence?
Today marks the fiftieth anniversary of Richard Nixon’s decision to remove the dollar from the gold standard, a seismic event in financial history and one many cite as why Bitcoin is now a superior currency and store of value. Will a moment of serendipity see Bitcoin hit $50k? The largest cryptocurrency is currently trading for around $47,500, up three per cent over the last 24 hours and nine per cent across the last seven days.
Ethereum and other alt coins also continue to see gains. Cardano is still rising following last week’s news that the long-awaited upgrade to enable smart contracts is near readiness. It’s now up more than 50 per cent to $2.17 at time of writing. XRP is also up more than 60 per cent over the past seven days, currently trading at $1.30. Can they continue their winning streak?
The big gainer this morning is Solana, which has soared into the top 10 by market cap this morning having gained 42 per cent over the past 24 hours. It’s currently trading for just over $60. Solana is the native token of the Solana blockchain – “an open source project implementing a new, high-performance, permissionless blockchain” – that employs an innovative proof-of-history consensus mechanism. Can it now establish itself in the top 10?
The Crypto AM London Blockchain & DeFi Summit will be held on September 29 and 30…
Day One will be held in two pavilions hosting the Crypto AM Canada Roundtables so that delegates can meet and network with each other and learn from great discussions and talks.
Day Two will be ‘summit day’ (streamed and live audience) at the Leonardo Royal Hotel, St Paul’s, finishing with the black tie gala dinner in the same venue where the winners of the Crypto AM Awards 2021 will be revealed.
For speaking opportunities, partnership packages or attendance (tickets will be strictly limited and by application) please email: [email protected] using the subject line ‘CRYPTOAM SUMMIT’.
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Friday’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 $2,038,340,653,018.
What Bitcoin did yesterday
We closed yesterday, August 15 2021, at a price of $47,047.00, down from $47,096.95 the day before.
The daily high yesterday was $47,357.11 and the daily low was $45,579.59.
This time last year, the price of Bitcoin closed the day at $11,892.80. In 2019, it closed at $10,374.34.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $888.76 billion. To put it into context, the market cap of gold is $11.276 trillion and Facebook is $1.023 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $33,898,353,330. 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 53.99%.
Fear and Greed Index
Market sentiment today is 72.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.36, Its lowest ever recorded dominance was 37.09 on January 8, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 69.36. 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 adoption, as measured by the number of people who own Bitcoin, is growing faster than internet adoption. However, the commercialization of the internet was the ultimate insider’s game. Rich white men, venture capitalists, and favored institutional investors got in early. By contrast, since its birth, Bitcoin has been available to anyone with a cell phone.”
– Samantha Messing BA with Honours, Political Science, Brown University ’21, Member of the Brown Women’s Varsity Soccer Team, Recipient of the Alan Zuckerman Award for “Build It, and She Will Soar: Title IX and Athletics as a Road to Social Equity”
What they said yesterday
Crypto AM Editor’s Pick
OccamFi receives strategic investment from Cardano early stage VC Fund
Proof of Stake gives us a real opportunity for change
Fabric Ventures announces $130m fund to invest in digital assets and decentralisation
US steps closer to cryptocurrency tax after last minute bill addition
What needs to happen with cryptocurrencies for regulators to more readily accept this industry
London crypto leader’s book is flying off the shelves
Crypto AM: Longer Reads
City PM Markets: What is Decentralised Finance (DeFi) by Aave
Crypto AM: Conversation with James Bowater
Crypto AM: Market View in association with Ziglu
Crypto AM: Technically Speaking in association with Zumo
Crypto AM: A Trader’s View with TMG
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 Contributor: Jilian Godsil
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 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