Fizzle sticks, the Elon BTC pump has lost its LOX! Elsewhere a mixed bag
Crypto at a glance
Poor Elon. It used to be that he only had to mention Bitcoin for the cryptocurrency’s price to pump $10k. Now, the euphoria around even the Tesla CEO’s most bullish statements fizzles out in a matter of hours.
Is there a gap in the market for another billionaire for the crypto community to worship?
Yesterday’s announcement that electric vehicle maker Tesla plans to accept Bitcoin as a payment option (without converting it back into US dollars!) sparked a rapid price jump after a sluggish weekend for crypto.
The bull run looked to be back on track for a time, but it appears that celebrations were short-lived, with Bitcoin falling from $57,000 yesterday morning to a two-week low below $52,000 overnight.
Are retail traders tiring of the daily grind of Bitcoin, or is this just another temporary blip in this bull cycle?
It seems Bitcoin is in a bit of a holding pattern at the moment, with traders taking a wait-and-see approach amid a wave of mixed signals. In traditional markets, the dollar index (DXY) is at four-month highs as COVID vaccination programmes begin to have a positive impact.
The two assets have moved primarily in opposite directions since March 2020, though this trend appeared to have weakened lately. There is still a steady trickle of positive adoption news though, with investment giant Fidelity yesterday revealed to be looking to offer a Bitcoin ETF (“exchange-traded fund”) in the US market.
It’s the same story everywhere else too, with double digit drops the order of the day in many places. Only Filecoin, still riding high after last week’s Greyscale listing, has seen gains over the last 24 hours. On the upside, Ethereum (ETH) is still over $1,500, Cardano (ADA) is still over a dollar, and Polkadot (DOT) is over $30. These are all numbers that would have set pulses racing not all that long ago.
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In the markets
| Name | Price | Price Change (24h) | Price Change (7 days) | |
| Bitcoin (BTC) | $52,622.77 | -4.96% | -10.19% | |
| Ethereum (ETH) | $1,598.53 | -5.90% | -12.04% | |
| XRP (Ripple) | $0.4979 | -10.30% | +4.74% | |
| Monero (XMR) | $215.66 | -2.19% | -5.90% | |
| Polkadot (DOT) | $30.10 | -14.42% | -16.66% | |
| Algorand (ALGO) | $1.03 | -8.97% | -23.64% | |
| Cardano (ADA) | $1.10 | -3.61% | -21.20% | |
| Chainlink (LINK) | $25.15 | -7.87% | -15.99% | |
| Aave (AAVE) | $326.35 | -5.75% | -11.97% | |
| UniSwap (UNI) | $27.19 | -11.80% | -11.60% | |
| Celsius (CEL) | $4.79 | -3.85% | -7.40% | |
| Binance Coin (BNB) | $244.86 | -5.53% | -10.61% | |
| Crypto market cap | $1,639,413,732,517 | |||
| MVIS CryptoCompare Digital Assets 100 Large-Cap Index | -6.24 | |||
| MVIS CryptoCompare Digital Assets 100 Small-Cap Index | -7.93 | |||
| MVIS CryptoCompare Ethereum VWAP Close Index | -7.95 | |||
| Prices and data as of [08:30, 25/03/2021] | Source: CryptoCompare.com, MVIS |
The Bitcoin economy
*Definitions and insights can be found at https://bytetree.com/insights/
What Bitcoin did yesterday
We closed yesterday, March 24 2021, at a price of $52,774.26 – down from $54,738.94 the day before. It’s now 18 days in a row that the price has closed above $50,000.
The daily high yesterday was $57,262.38 and the daily low was $52,514.33.
This time last year, the price of Bitcoin closed the day at $6,734.80. In 2019, it closed at $4,022.17.
As of today, buying Bitcoin has been profitable for…
99.9% of all days since 2013-04-28.
Bitcoin market capitalisation
Bitcoin’s market capitalisation is $981,855,820,229, down from $1,050,432,308,733 yesterday. To put that into context, the market cap of gold is $10.998 trillion and Alphabet (Google) is $1.374 trillion.
Bitcoin volume
The volume traded over the last 24 hours was $77,598,575,761, up from $56,229,175,229 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 61.86%.
Fear and Greed Index
Market sentiment is back down in Greed at 60.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 61.37. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 46.40. 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
“Bitcoin has proven itself over the last 10 years. It hasn’t been hacked. It has built a significant following. It is an alternative, in a sense, store hold of wealth. It’s like digital cash. And those are the pluses.”
– Ray Dalio, Hedge Fund Manager
What they said yesterday
Rumours or truth?
ETF rush continues…
Hold tight…
Serious question – what are people actually doing with these Tweets?
Crypto AM Editor Writes
Elon Musk: you can now buy a Tesla with Bitcoin…
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Can Bitcoin hit $60,000 this week…
Bitcoin mounts fresh assault on $55k…
Crypto AM: Longer Reads
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Crypto AM: Conversation with James Bowater
Crypto AM: Market View in association with Ziglu
Crypto AM: Technically Speaking in association with Zumo
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 Five Part Series
March 2021
Day Five
Day Four
Day Three
Day Two
Day One
Crypto AM: Recommended Events
CC Forum
Global Investment in Sustainable Development
March 31 to April 1 2021 – Dubai
Global Technology Governance Summit
April 6 to 7 2021 – Tokyo
https://www.weforum.org/events/global-technology-governance-summit-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.