Cryptocurrencies riding the coattails of curious optimism in traditional markets
The market capitalisation of the entire cryptocurrency industry is hovering on the brink of $870 billion this morning – the highest it’s been in more than three weeks.
Bitcoin is trading at $17,359 this morning, up 1.97% in the last day and 6.85% over a week. Ethereum, at $1,297, is now up more than 10% in the last seven days.
Uniswap, Solana, Cardano and Chainlink are also in the green, going from strength to strength in the last week, especially Uniswap, which has added 20% to its price over seven days.
Experts say the continued gains in crypto markets may be due to investors reconsidering their approach to riskier asset classes such as stocks and cryptocurrencies. The SP500 is trading up 16% over the last two months while the Dollar index has dropped in recent weeks, meaning that investors may be shifting from safe assets, the USD in this case, and again taking their chances in equity markets.
Friday’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 at time of writing is currently $872.073 billion.
What Bitcoin did yesterday
We closed yesterday, December 4 2022, at a price of $17,130.49. The daily high yesterday was $17,157.77, and the daily low was $16,903.44.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $333.68 billion. To put it into context, the market cap of gold is $11.948 trillion and Tesla is $606.2 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $21.168 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 52.19%.
Fear and Greed Index
Market sentiment today is 26, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 40.41. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 40.23. 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
“For the first time in history we have a way of selling energy that is location independent.”
Saifedean Ammous, Author
What they said yesterday
Welcome to the club…
Well said…
What do you choose?
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All feedback on Crypto AM Daily in association with Luno is welcome via email to [email protected] 🙏🏻
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Q&A with Duncan Coutts, Principal Technical Architect at IO Global
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MPs are falling silent over potential of cryptocurrency
Erica’s ‘Crypto Wars’ handed honours in Business Book Awards
‘Let people invest’: Matt Hancock makes case for liberal crypto rules
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Crypto AM: Features
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: Contributors
Crypto AM: In Conversation with James Bowater
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: Tiptoe through the Crypto with Monty Munford
Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry
Crypto on the catwalk
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