Crypto markets lifted by strong US jobs report with Bitcoin, Ethereum and Cardano up five per cent
The Bitcoin price has again seen a strong start to the week, climbing to more than $24k today. The largest cryptocurrency by market capitalisation is changing hands for $24,096 this morning, up almost five per cent over the past 24 hours.
Bitcoin largely held above $23,000 throughout the weekend, after a dip on Friday that analysts linked to a surprisingly strong jobs report from the US which saw 528,000 jobs added in July – more than double what many experts were predicting..
Elsewhere, other major cryptocurrencies have also seen a good start to the week. The price of Ether, the second largest crypto by market cap, is $1,769, also up roughly five per cent since this time yesterday and the highest it has been since early June.
Can it continue to climb this week?
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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/research
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1.130 trillion.
What Bitcoin did yesterday
We closed yesterday, August 7 2022, at a price of $23,175.89. The daily high yesterday was $23,359.01 and the daily low was $22,894.56.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $460.32 billion. To put it into context, the market cap of gold is $11.809 trillion and Tesla is $902.97 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $26.615 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 51.78%.
Fear and Greed Index
Market sentiment today is 30, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.49. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 61.79. 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 started with a smart design from the beginning. It created an underlying digital gold and settlement network, with a credible degree of decentralisation, auditability, scarcity, and immutability that no other network currently rivals.”
Lyn Alden, Investment strategist
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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