Cryptocurrency markets uncertain ahead of major Bitcoin conference
The relative calm in the crypto markets continues today, with the Bitcoin (BTC) price up one per cent over the past 24 hours to around $46,600. The leading cryptocurrency continues to trade within a tight range between $45-48k, momentum having seemingly stalled for the moment after the breakout two weeks ago.
Ethereum, the world’s second-largest cryptocurrency by market cap, is also flat – up by 0.5 per cent since this time yesterday morning. However, it’s still outstripping Bitcoin over the past month, with a 28 per cent increase compared with a 14 per cent rise for Bitcoin.
The lack of movement in the markets also reflects uncertainty among investors, as shown by both middling sentiments and volumes. The Fear & Greed Index that measures customer sentiment continues to sit in neutral, having briefly sat in greed last week. Bitcoin’s trading volume across spot exchanges also fell again yesterday, with trading activity trending downwards since the February 25 price dip toward $34,500.
Investors looking for an event to potentially trigger another surge of demand will be keeping a keen eye on Bitcoin 2022, which kicks off tomorrow. Organisers claim it will be the largest Bitcoin conference in history, with more than 300 speakers set to take the stage at the Miami Beach Convention Center in Florida. Last year saw El Salvador President Nayib Bukele announce that his country would adopt BTC as a legal form of tender, kickstarting a record-breaking price rally after the revelation. What will this year bring?
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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 $2.166 trillion, up from $2.156 trillion yesterday.
What Bitcoin did yesterday
We closed yesterday, April 4 2022, at a price of $46,622.67, up from $46,453.57 the day before. The daily high yesterday was $46,791.09 and the daily low was $45,235.82.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $886.49 billion. To put it into context, the market cap of gold is $12.298 trillion and Tesla is $1.183 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $30.962 billion, up from $27.116 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 36.17%.
Fear and Greed Index
Market sentiment today is 53, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.75. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 62.87. 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.
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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