Green is the colour for the day as Bitcoin emerges from a slump
Crypto at a glance
The Bitcoin price shot back up to $35k again last night, having dropped to $30k late on Friday. It’s currently up five per cent over the last 24 hours. The price is still looking volatile in the short term and has been bouncing between $30-40k for the last six weeks now. However, it will be reassuring to many that it’s holding above $30k, particularly given the doom and gloom lately.
The crypto markets generally seem in two minds about which way they want to go next, but good news continues to filter in – particularly from Central America. Paraguay is looking to join El Salvador in adopting Bitcoin as legal tender, while the owner of Mexico’s Banco Azteca – Ricardo Salinas Pliego – is working to make his bank the first in Mexico to accept the largest cryptocurrency. It feels like we’re asking the same question every Monday at the moment, but can Bitcoin really use $30k as a springboard to greater things this week?
Ethereum is actually leading the way today, up around 10 per cent and trading above $2,000 again for the first time since Friday. The rest of the alt markets are looking similarly positive, with everything up around four per cent this morning. They’ve been slightly out of step with Bitcoin of late, but is the correlation between the two being re-established?
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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 $1,373,166,038,130.
What Bitcoin did yesterday
We closed yesterday, June 27 2021, at a price of $34,649.64, up from $32,186.28, the day before.
The daily high yesterday was $34,656.13 and the daily low was $32,071.76.
This time last year, the price of Bitcoin closed the day at $9,143.58. In 2019, it closed at $12,407.33.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $648.75 billion. To put it into context, the market cap of gold is $11.327 trillion and Facebook is $967.94 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $33,297,567,171. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.
Volatility
The price volatility of bBtcoin over the last 30 days is 80.83%.
Fear and Greed Index
Market sentiment today is 25.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 47.61. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 46.51. 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
“For me, bitcoin is an asset that has extraordinary properties … All the advantages that bitcoin has, for me, make it gold for the modern world.”
– Ricardo Salinas Pliego, owner of Mexico’s Banco Azteca
What they said yesterday
Where are they going?
Central America going wild for crypto…
Bad for the environment?
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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.