Goldman Sachs, Citi, JP Morgan – the institutional roll call continues as Bitcoin spikes above $50,000
Crypto at a Glance
Has the momentum turned in favour of Bitcoin again? The leading cryptocurrency this morning briefly popped its head back up over $50,000 for the first time in six days and continues to hover around the $49,000 level.
Is the move part of a more sustained recovery, or is it just a continuation of recent volatility?
The move certainly comes amidst a raft of bullish news, with several giants of the financial service industry queuing up to either lavish praise on the cryptocurrency or potentially move (or return) into the space.
A new report by US banking giant Citi has suggested Bitcoin could become “an international trade currency” as it evolves, while a new Fidelity Investments report has posited the view that Bitcoin has evolved to the point that it could be treated as a form of digital gold. Whichever it is – and it could well be both – it’s very good news.
Coindesk, meanwhile, reports ‘sources close to the matter’ as saying that investment bank Goldman Sachs has relaunched its cryptocurrency trading desk after a three-year hiatus. It also speculates that the bank plans to once again support Bitcoin futures trading.
It’s green all the way down the board today, as cryptocurrencies continue to recover last week’s losses. The battle for third continues, with Binance Coin leapfrogging ADA again. The move comes as ADA drops slightly, despite yesterday successfully hard-forking to its new Mary upgrade. What impact will the upgrade have on the long-term price action?
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In the Markets
| Name | Price | Price Change (24h) | Price Change (7 days) | |
| Bitcoin (BTC) | $49,116.70 | +6.34% | -1.77% | |
| Ethereum (ETH) | $1,564.42 | +9.19% | -2.02% | |
| XRP (Ripple) | $0.4439 | +4.34% | -13.83% | |
| Monero (XMR) | $227.19 | +7.39% | +11.58% | |
| Polkadot (DOT) | $35.98 | +7.24% | +4.11% | |
| Algorand (ALGO) | $1.08 | +6.48% | +9.82% | |
| Cardano (ADA) | $1.22 | -3.07% | +24.02% | |
| Chainlink (LINK) | $29.41 | +17.38% | +8.59% | |
| Aave (AAVE) | $385.63 | +5.48% | +12.60% | |
| UniSwap (UNI) | $26.53 | +17.76% | +14.85% | |
| Celsius (CEL) | $4.69 | +0.04% | -9.21% | |
| Binance Coin (BNB) | $251.77 | +14.04% | +8.67% | |
| Crypto market cap | $1,499,160,339,131 | |||
| MVIS CryptoCompare Digital Assets 100 Large-Cap Index | -0.04 | |||
| MVIS CryptoCompare Digital Assets 100 Small-Cap Index | +11.21 | |||
| MVIS CryptoCompare Ethereum VWAP Close Index | +1.69 | |||
| Prices and data as of [08:30, 2/03/2021] | 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 1 2021, at a price of $49,631.24 – down from $45,137.77 the day before.
The daily high yesterday was $49,784.02 and the daily low was $45,115.09.
This time last year, the price of bitcoin closed the day at $8,562.45. In 2019, it was $3,859.58.
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 $910,126,141,016, up from $876,439,281,969 yesterday. That means it is still the eighth largest asset in the world and closing in on Alphabet, which has a market cap of $1.399 trillion. The total market cap of gold is $10.907 trillion at time of writing. Getting closer!
Bitcoin volume
The volume traded over the last 24 hours was $54,465,753,669, up from $50,488,271,010 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 80.59%.
Fear and Greed Index
Market sentiment is right back up to 78 again today, after dipping into fear yesterday temporarily.
Bitcoin’s market dominance
Bitcoin’s market dominance is 61.71. Its lowest ever recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is 54.79. 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
“In my view, bitcoin has evolved to the point that it could be treated as a form of digital gold…a possible counterweight to future monetary inflation.”
Jurrien Timmer, Director of Global Macro Fidelity Global Asset Allocation
What they said yesterday…
Mr Wonderful is in the game
Mind bending
It’s happening!
Congrats, Cardano
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Crypto AM: Recommended Events
What’s Next for Crypto Webinar
Baker Botts & Team Blockchain
March 3 2021 17:00 GMT
https://event.on24.com/wcc/r/3025235/72862B4A2DA17F4097395FBA84B845BF
CC Forum
Global Investment in Sustainable Development
March 31 to April 1 2021 – Dubai
Global Technology Governance Summit
April 6 and 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.