Crypto markets pull back as Bitcoin slips under $28,000
Bitcoin has dipped below $28k, with Ethereum also down on the day, trading just below $1.9k.
The original smart contracts crypto is still up over the week by 4% while Bitcoin has shifted into red territory over the same period.
It’s a continuation of a divergence between the two market leaders. Ethereum has outperformed Bitcoin this week as investors anticipate the upcoming Shanghai upgrade later in April that will unlock staked ETH.
As for the rest of the markets, most coins are trading down today, following number one and two into the red.
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 $1.187 billion.
What Bitcoin did yesterday
We closed yesterday, April 5, at a price of $28,177. The daily high yesterday was $28,739, and the daily low was $27,843.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $540.831 billion. To put it into context, the market cap of gold is $13.417 trillion and Tesla is $609.34 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $15.567 billion. High volumes can indicate that a significant price movement has stronger support.
Fear and Greed Index
Market sentiment today is 63, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 47.04. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 54.06. 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.
Soundbite of the day
The reason why serious finance people (eg, Larry Fink and Citi) are talking about tokens is because of efficiency not ideology. Whatever you think about cryptocurrency, DeFi is real and heading to the mainstream.
David Birch, Global advisor and investor in digital financial services
What they said yesterday
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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.