Markets bounce back after stuttering start to week
Crypto at a glance
Bitcoin has come roaring back after its stuttering start to the week and soared past its previous all-time high over $58,000. Can it continue to climb, or will it hit the breaks around $62k again?
Today’s big move comes off the bat of an avalanche of bullish news for Bitcoin. A key driver yesterday is likely to have been Federal Reserve officials’ statement Wednesday that they expect to keep interest rates close to zero through 2023 and beyond. It’s speculated that the move could bolster the cryptocurrency’s appeal as a hedge against faster inflation.
The institutional gods were also shining their beam on crypto. Hong Kong-listed software firm Meitu yesterday announced that they’ve added 16,000 ETH (valued at around $28.4 million) and 386.086 BTC (valued at approximately $21.6 million) to their burgeoning portfolio. That means they now have $50.4 million in ether and $39.5 million in Bitcoin – a little over $90 million in total.
Elsewhere, Cardano continues to rise after its Coinbase Pro listing and is currently outperforming the majority of its rivals at the top. Founder, Charles Hoskinson delivers his much vaunted keynote speech today at the virtual Blockchain Africa conference – will it lead another all time high? Only Algorand is currently looking stronger, up more than 25% on the week.
There was also good news for LINK, MANA, Filecoin and BAT as Grayscale announced plans for new trusts. All saw a bounce yesterday on the news, but will it have a longer-term impact?
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In the markets
| Name | Price | Price Change (24h) | Price Change (7 days) | |
| Bitcoin (BTC) | $58,519.96 | +4.17% | +4.99% | |
| Ethereum (ETH) | $1,820.24 | +1.89% | +1.78% | |
| XRP (Ripple) | $0.4722 | -0.49% | +3.36% | |
| Monero (XMR) | $235.47 | +1.44% | +5.37% | |
| Polkadot (DOT) | $36.13 | +0.04% | -2.85% | |
| Algorand (ALGO) | $1.38 | +15.59% | +25.02% | |
| Cardano (ADA) | $1.42 | +11.40% | +24.69% | |
| Chainlink (LINK) | $30.07 | +6.90% | +1.17% | |
| Aave (AAVE) | $372.81 | +1.00% | -8.23% | |
| UniSwap (UNI) | $30.73 | -0.29% | +0.52% | |
| Celsius (CEL) | $5.14 | +5.66% | -3.66% | |
| Binance Coin (BNB) | $275.82 | +7.87% | -2.51% | |
| Crypto market cap | $1,797,925,480,602 | |||
| MVIS CryptoCompare Digital Assets 100 Large-Cap Index | +5.00 | |||
| MVIS CryptoCompare Digital Assets 100 Small-Cap Index | +5.12 | |||
| MVIS CryptoCompare Ethereum VWAP Close Index | -+2.53 | |||
| Prices and data as of [08:30, 18/03/2021] | 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 17 2021, at a price of $58,870.89 – down from $58,870.89 the day before.
The daily high yesterday was $58,969.82 and the daily low was $54,528.63.
This time last year, the price of Bitcoin closed the day at $5,225.63. In 2019, it closed at $4,025.23.
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 $1,092,112,562,111 at time of writing, up from $1,042,476,825,263 yesterday. To put that into context, the market cap of gold is $11.035 trillion and Alphabet (Google) is $1.407 trillion. Got it within sight.
Bitcoin volume
The volume traded over the last 24 hours was $60,367,855,908, up from $50,967,129,664 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 71.27%.
Fear and Greed Index
Market sentiment is back down in Greed at 72.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 61.69. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 61.75. 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 is going to do well because of the level of interest that’s coming from everyone.”
– Citi Private Bank CIO, David Bailin
What they said yesterday
How much further is there to go?
Shrewd…
Time to pivot?
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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.