India news sparks breakout in crypto markets
Crypto at a glance
Yesterday saw Bitcoin (BTC) and Ethereum (ETH) both record their biggest 24 hour gains in more than a week, hitting more than $38,000 and $2,700 respectively as they recovered from the weekend’s fresh lows.
They’ve since fallen back somewhat, but look to be holding strong at around $36,000 and $2,500. The rest of the top 10 by market capitalisation have also charted green shoots today, with Cardano (ADA) and Binance Coin (BNB) both up four per cent over the last 24 hours.
The move coincides with the Reserve Bank of India’s (RBI) clarification on Monday that commercial banks cannot quote its recently-invalidated 2018 crypto banking ban to deny services to customers involved in digital assets dealings. While not going so far as to tell banks to stop denying their services to crypto investors, the move seems to herald a more positive attitude towards crypto from the bank.
Will we see a big push from the country moving forward? How much would a country like India stand to benefit by embracing cryptocurrency?
While May was certainly a bad period for Bitcoin, with the price falling more than 40 per cent during the course of the month, the collapse in the alt markets actually wasn’t all that pronounced despite what it might have seemed.
The Ethereum (Ether) price was actually relatively unchanged over the month, while Cardano, Dogecoin and others were all actually up – albeit down dramatically from their mid-month all-time highs. Still, it was a tawdry month in the crypto markets. We’re off to a relatively promising start in June though. Can the bull run now get back on track?
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In the markets
The Bitcoin economy
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Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,650,129,447,955,
What Bitcoin did yesterday
We closed yesterday, May 31 2021, at a price of $37,332.85, up from $34,616.07 the day before.
The daily high yesterday was $37,468.25 and the daily low was $34,241.94.
This time last year, the price of Bitcoin closed the day at $9,461.06. In 2019, it closed at $8,574.50.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $691.2 billion. To put it into context, the market cap of gold is $12.172 trillion and Facebook is $932.1 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $36,993,518,743, up from $30,450,258,873 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 88.48%.
Fear and Greed Index
Market sentiment today is 20.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.84, Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 36.81. 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 the first move in Bitcoin – I think from like $50 to $17,000—I just sat there aghast. And […] I wanted to buy it every day. It was going up and – even though I didn’t think much of it – I just couldn’t stand the fact that it was going up and I didn’t own it,”
– Stanley Druckenmiller, former chairman and president of Duquesne Capital
What they said yesterday
Good news…
Are you ready?
Perspective…
The crypto state?
Crypto AM Editor writes
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Part one of two – April 2021
Part two of two – April 2021
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Part five…
Crypto AM: Recommended Events
Bitcoin 2021
June 3 to 5 2021 – Miami
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Crypto AM Awards 2021
September 29 and 30 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.