Crypto markets correct after Bitcoin’s short-lived fling with $25k
The price of Bitcoin retraced by 2.5% overnight before finding support at $24,000.
The original crypto was trading for around $24,180 this morning. Ethereum is similarly in the red by 3.5%, changing hands for $1,645, but it’s the third-generation crypto networks that have again taken the brunt of the drawdown. Solana is worth 8% less than this time yesterday, while Chainlink is down by 7.2% over the same period.
As for the leading crypto by market cap, analysts argue that $25k is a critical level for Bitcoin, serving as the next psychological step to $30,000. But this level seems farther off today than it did yesterday.
Yesterday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
*Data can be found at https://terminal.bytetree.com/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market this morning was $1.094 billion.
What Bitcoin did yesterday
We closed yesterday, February 21, at a price of $24,436. The daily high yesterday was $25,126, and the daily low was $24,200.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $464.344 billion. To put it into context, the market cap of gold is $12.192 trillion and Tesla is $624.49 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $33.156 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 35.96%.
Fear and Greed Index
Market sentiment today is 59, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.25. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 58.09. 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 fam: Soundbite of the day
“The Bitcoin Network (often shortened to Bitcoin, or simply BTC) is the central banking system of the Internet.”
Jack Mallers, CEO of payments company Strike
What they said yesterday
What a trustless monetary system looks like…
Fiat…
Disruption never comes easy…
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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.