Elon’s games continue while crypto markets roar back into life
Crypto at a glance
The comeback continues in the crypto markets, as the recovery from last week’s carnage begins to fully take shape. Bitcoin is now back at around $40,000, Ethereum is back above $2,600, and Elon Musk is playing nice again. Were last week’s rush of Bitcoin obituaries premature, or is it too early to count our chickens?
Yesterday’s big news was Tesla CEO Elon Musk’s meeting with North American miners, where promises were made to “publish current & planned renewable usage & to ask miners WW to do so” – a move Musk tweeted to be “potentially promising”.
The tweet immediately sent the Bitcoin price rocketing $2,000 to just below $40,000, which suggests the community hasn’t entirely fallen out of love with the electric car magnate quite yet. It’s since fallen back slightly to around $38,000. Could his support help push Bitcoin back up again to its recent all-time highs, or are his many and varied pronouncements exhausting everyone’s patience?
READ MORE: Elon Musk teases with Bitcoin tweet again… but the markets aren’t buying it
The alt markets generally have come roaring back this weekend, many outpacing Bitcoin as Ethereum in particular continues to look the more volatile asset. Ether is up 15 per cent over the last 24 hours, though still has some way to go before it recovers from recent losses. Binance Coin and XRP are both up around 17 per cent to $340 and $1 respectively. The alt market has been running hot recently so a cooldown was somewhat inevitable, but can it get fully back on track again?
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Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,677,037,986,484, up from $1,499,614,852,940 yesterday.
What Bitcoin did yesterday
We closed yesterday, May 24 2021, at a price of $38,705.98, up from $34,770.58,the day before.
The daily high yesterday was $39,835.14 and the daily low was $34,551.08.
This time last year, the price of Bitcoin closed the day at $8,790.37. In 2019, it closed at $7,987.37
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $729.31 billion, up from $678.98 billion yesterday. To put it into context, the market cap of gold is $11.984 trillion and Facebook is $920.47 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $65,573,145,691, down from $84,945,829,964 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 93.62%.
Fear and Greed Index
Market sentiment today is at 22, still in Extreme Fear but on the up.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.38, down from 46.16 yesterday. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 35.66, up from 29.98 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
“The more we create savings in [bitcoin], the more you might say, ‘I’d rather have bitcoin than the bond.’ Personally, I’d rather have bitcoin than a bond. And then the more that happens, then it goes into bitcoin and it doesn’t go into credit, then [governments] lose control of that.”
– Ray Dalio, American investor
What they said yesterday
A modern hero…
Believers…
Context…
Who else?
Crypto AM Editor writes
Further pain ahead for Bitcoin as environmental groups queue up to reject cryptocurrencies
How are cryptocurrencies coping this weekend?
Bruised Bitcoin heads into an uncertain weekend
China’s CMB International and Nervos Foundation launch $50m blockchain fund
Cardano teams up with Save the Children for humanitarian initiative
HMRC: We’re not clamping down on crypto
Ethiopia overhauls its educational system with IOHK blockchain partnership
Crypto AM: Longer Reads
City PM Markets: What is Decentralised Finance (DeFi) by Aave
Crypto AM: Conversation with James Bowater
Crypto AM: Market View
Crypto AM: Technically Speaking
Crypto AM: A Trader’s View with TMG
Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
Crypto AM: Talking Legal
Crypto AM: Spotlight
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Definitively DeFi
Crypto AM Parliamentary Special
Part one of two – April 2021
Part two – April 2021
Five Part Series – March 2021
Part one…
Part two…
Part three…
Part four…
Part five…
Crypto AM: Recommended Events
AIBC World
May 25 to 26 2021 – Dubai
https://aibc.world/events/uae/general-info/
Bitcoin 2021
June 3 to 5 2021 – Miami
Crypto AM Canada Roundtable
Crypto AM DeFi & Digital Inclusion Summit
&
Crypto AM Awards 2021
September 29 and 30 2021
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.