Ethereum hits new all-time high but recovery stalls
Crypto at a glance
The crypto markets have slowed somewhat over the last 24 hours, with limited movement among the market leaders. Is the recovery stalling or can momentum get back on track today?
Bitcoin popped its head briefly back above $55k yesterday, but has since retreated back to the narrow range between $54-55k where it’s spent much of this week so far. Can the leading cryptocurrency break through resistance at $56k and push back towards recent all-time highs again?
There continues to be a steady influx of bullish news helping Bitcoin on its way. The biggest gaming company in South Korea, Nexon, yesterday announced that it bought $100 million worth of Bitcoin. The Turkish government also rowed back on plans to ban cryptocurrency and has instead announced plans to regulate and create a central bank for crypto custody.
The big winner this week continues to be Ethereum (ETH), which was up for a third day in a row yesterday to a record high price of $2,676.39. The new all-time high caps off a powerful three-day rally which has seen the price of the second-largest cryptocurrency by market capitalisation increase almost 20 per cent. ETH is up two per cent again over the past 24 hours, as are other rivals Binance Coin (BNB) and Cardano (ADA).
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Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,054,270,159,160, up from $2,054,640419,958 yesterday.
What Bitcoin did yesterday
We closed yesterday, April 27 2021, at a price of $55,033.12 – up from $54,021.75 the day before.
The daily high yesterday was $55,416.96 and the daily low was $53,319.19.
This time last year, the price of Bitcoin closed the day at $7,795.60. In 2019, it closed at $5,268.29.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.016 trillion, down from $1.023 trillion yesterday. To put that into context, the market cap of gold is $11.221 trillion and Alphabet (Google) is $1.55 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $47,130,377,797, down from $53,037,973,903 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 53.44%.
Fear and Greed Index
Market sentiment is up to 59.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 50.63, down from 50.90 yesterday. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 46.46, down from 47.20 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
“We are not making a prediction on the future of interest rates. We are, however, fiduciaries of our shareholder’s capital, and as such we need to think seriously about the future buying power of our cash in a worl§d of potential currency debasement. So we watch our currencies very closely. In this environment we see BTC as a form of cash likely to retain its value, even if it is not yet widely-recognized as such.”
– Owen Mahoney, CEO of Nexon
What they said yesterday
Saylor on the edge…
Priorities…
Light on details, but fun…
Must read…
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Part one of two – April 2021
Part two of two – April 2021
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Part one…
Part two…
Part three…
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Part five…
Crypto AM: Recommended Events
AIBC World
May 25 to 26 2021 – Dubai
https://aibc.world/events/uae/general-info/
Crypto AM Canada Roundtable
Crypto AM DeFi & Digital Inclusion Summit
&
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.