Crypto markets continue to climb, as Bitcoin price approaches $24k
Bitcoin’s strong start to the week continued yesterday, with the price of the leading cryptocurrency climbing to more than $23k for the first time since June 14.
The largest cryptocurrency by market capitalisation was trading at around $23,700 at time of writing, up nine per cent since this time yesterday morning and 21 per cent since this time last week.
The price of Ethereum also continues to look strong, up another 2.5 per cent over the past 24 hours and 47 per cent over the past seven days. The second largest cryptocurrency hit highs above $1,570 on Wednesday morning.
Other major cryptocurrencies have also seen double-digit price growth this week. Has crypto found its bottom?
Investor sentiment is also climbing, with the Fear and Greed Index yesterday ending its record-long 74-day streak in the ‘extreme fear’ zone. The index, which analyses emotions and sentiments to gain an impression of how the market is feeling, sits at 31 today – its highest level since April 11.
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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/research
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1.066 trillion.
What Bitcoin did yesterday
We closed yesterday, July 19 2022, at a price of $23,389.43. The daily high yesterday was $23,666.96 and the daily low was $21,683.41.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $448 billion. To put it into context, the market cap of gold is $11.26 trillion and Tesla is $763.39 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $47,593 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 49.58%.
Fear and Greed Index
Market sentiment today is 31, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.27. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 62.25. 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
“Nothing in the last year has shaken my confidence that crypto will fundamentally reshape the way we transact and coordinate across the world. Cycles of speculation and correction are a painful but natural part of any major technological shift. It was always going to look like this.”
Jake Chervinsky, Head of Policy at the Blockchain Association
What they said yesterday
Probably nothing…
Hey there, Ethereum 👀
Listen to Carl…
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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