Dogecoin might have started as a joke, but is anyone still laughing?
Crypto at a glance
A volatile week continues, with more red across the board today.
Yesterday’s recovery after the weekend’s flash crash was short lived and hopes of an immediate return to sustained upward momentum faded fast, but Bitcoin is still changing hands at around $55,000 and Ethereum is still holding at over $2,000.
These are both levels that many would have been very happy with less than a fortnight ago – the question now is whether we’re in for another period of consolidation between $50-60k before another big move, or if a breakout will come sooner?
The excitement of last week’s Coinbase listing has now faded and the dust settled. It felt like there was the barrage of good news last week that would never end, but this week has seen a lot more unsourced stories dribbling out of the mainstream media focusing on old and disproven FUD.
On the plus side, this dip seems to have shaken a lot of over-leveraged derivatives traders out of the market. This is usually a positive sign and has in the recent past preceded a period of positive price movement for Bitcoin.
There’s a similar trail of double-digit drops in Bitcoin’s wake today, with the alts all suffering. Last week’s big gainer XRP is down again to $1.25 at time of writing after its recent heroics. Can it recover again?
Indeed, the only major cryptocurrency to not record a significant drop was Dogecoin, which continues to outpace its rivals and is now the fifth largest coin by market cap. It’s currently changing hands for $0,40. It might have been launched as a bit of a joke, but are people still laughing now?
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Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,933,879,220,909, down from $2,099,226,049,323 yesterday.
What Bitcoin did yesterday
We closed yesterday, April 19 2021, at a price of $55,724.27 – down from $56,216.19 the day before.
The daily high yesterday was $57,520.05 and the daily low was $54,368.59.
This time last year, the price of Bitcoin closed the day at $7,189.42. In 2019, it closed at $5,303.81.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.007 trillion, down from $1.072 trillion at this time yesterday. To put that into context, the market cap of gold is $11.235 trillion and Alphabet (Google) is $1.548 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $66,142,537,395, down from $73,287,722,807 yesterday. 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 45.84%.
Fear and Greed Index
Market sentiment remains in Greed at 73.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 53.23, up from 52.15 yesterday. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 37.21, down from 46.55 yesterday. 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
“Let’s put some things in perspective. In August, bitcoin suffered a 20% drawdown, a 17% drawdown in November, 31% in January, 26% in February, 18% March, and now more recently down 16% about peak to trough. It must have been a tough nine months for bitcoin investors, right? Nope! … Through that period from the August peak into the recent low, bitcoin is up 315%.”
– Oppenheimer head of technical analysis Ari Wald.
What they said yesterday
A positive sign if true?
Still love for Bitcoin…
A sad day indeed…
What’s the truth?
Crypto AM Editor writes
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AIBC World
May 25 to 26 2021 – Dubai
https://aibc.world/events/uae/general-info/
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Crypto AM Awards 2021 (announcement soon)
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 08:30am GMT.