Green is the colour as markets recover overnight, with Bitcoin closing in on $44k
The Bitcoin price continues to recover this morning, with the largest cryptocurrency by market cap rising to more than $44k overnight. It’s currently changing hands for just below $44k, up around three per cent over the past 24 hours and two per cent over the past seven days.
The big news yesterday was the announcement that inflation in the US rose by seven per cent over the past year – the fastest it’s risen in nearly 40 years. This was generally anticipated by analysts, but there had been fears in the market that prices might have climbed even faster. This would likely have put further pressure on the Federal Reserve to move faster in raising interest rates, rumours of which were widely speculated to have sparked the bumpy start to the year in global financial markets.
The big movers this morning are Solana, which is up eight per cent, and memecoins Doge and Shiba, both of which have increased in price by around 12 per cent over the past 24 hours. The Ethereum price is up 3.5 per cent to just below $3,400.
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Yesterday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
*Definitions and insights can be found at https://bytetree.com/insights/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,073,793,543,128 down from $2,010,523,399,765 yesterday.
What Bitcoin did yesterday
We closed yesterday, January 12 2022, at a price of $43,949.10, up from $42,735.85 the day before. The daily high yesterday was $44,135.37 and the daily low was $42,528.99.
This time last year, the price of Bitcoin closed the day at $37,316.36. In 2020, it closed at $8,144.19.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $827.37 billion. To put it into context, the market cap of gold is $11.592 trillion and Tesla is $1.11 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $55,599,400,316 up from $25,581,403,876 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 43.71%.
Fear and Greed Index
Market sentiment today is 21, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 40.02. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 37.57. 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
“Inflation is the problem. Bitcoin is the solution.”
MicroStrategy CEO, Michael Saylor
What they said yesterday
Grab it, and hold on…
The gift that keeps on giving…
Sooner than you think…
Crypto AM: Editor’s picks
Bitcoin hashrate touches new all time high
Peter McCormack: Transforming Bedford FC into a global Bitcoin brand
Exclusive: FTSE plots development of digital asset index in crypto push
Crypto could give London a unique post-Brexit advantage, says Hammond
Diamond claws: Crypto trading hamster dies after standout investing career
New cryptocurrency named ‘JRR Token’ blocked by lawyers for Lord of the Rings creator Tolkien
El Salvador to build Bitcoin city at base of volcano
Crypto AM: Features
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: Contributors
Crypto AM: In Conversation with James Bowater
Crypto AM: Tomorrow’s Money with Gavin S Brown
Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
Crypto AM: Visions of the Future, Past & Present with Alex Lightman
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry
Crypto on the catwalk
Crypto AM: Events
For those of you who missed the Crypto AM DeFi & Digital Inclusion online summit 2021 – you can now watch the event in two parts via YouTube
Part One
https://www.youtube.com/watch?v=dvqNMNZTIDE
Part Two
https://www.youtube.com/watch?v=WXhX_-Tr5j0
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 08:00 BST