Markets bounce back, with wannabes storming out in front as Cardano hits all-time high
Crypto at a glance
Cryptocurrencies rallied again yesterday, with Bitcoin (BTC) up about four per cent over the last 24 hours. It’s currently changing hands at around the $57,000 level.
Ether (ETH) also recovered after Tuesday’s sell-off, setting yet another new all-time high of $3,541.46. It’s also up four per cent and, at time of writing, is trading at $3,450. Can they both keep the momentum going into the weekend?
The price bounce comes as US stocks gained on strong economic data, while US Treasury Secretary Janet Yellen also rowed back on her warning about raising interest rates.
There was also big adoption news, with crypto custody giant NYDIG, a subsidiary of $10 billion New York-based asset manager Stone Ridge, announcing that it has partnered with fintech giant Fidelity National Information Services to enable US banks to offer Bitcoin.
The move will likely make the leading cryptocurrency even easier to get for millions of US customers, with hundreds of small banks already enrolled in the scheme. According to Patrick Sells, head of bank solutions at NYDIG, the firm is also in discussions with some of the biggest US lenders. Fidelity National Information is a vendor to banks with nearly 300 million checking accounts. What impact would it have on adoption?
Bitcoin and Ether weren’t the only big winners yesterday, though. Cardano is up 12 per cent over the last day and currently sitting pretty at $1.50. Will it finally hit $2? It was also a big day for the little guy, with Bitcoin Cash and Ethereum Classic both stepping briefly out of their forefathers’ shadows to make gains of 25 per cent and 23 per cent respectively.
Ethereum Classic is now up more than 170 per cent over the last seven days and currently trading at just above $90, having yesterday hit a new all time high of $100.03, which makes Doge look positively sluggish.
Doge, incidentally, is down six per cent over the last 24 hours.
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Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,351,040,971,145, up from $2,257,273,747,595 at this time yesterday.
What Bitcoin did yesterday
We closed yesterday, May 5 2021, at a price of $57,424.01, up from $53,333.54 the day before.
The daily high yesterday was $57,911.36 and the daily low was $52,969.06.
This time last year, the price of Bitcoin closed the day at $9,003.07. In 2019, it closed at $5,795.71.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.062 trillion, up from $1.021 trillion yesterday. To put that into context, the market cap of gold is $11.403 trillion and Alphabet (Google) is $1.563 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $67,719,982,282, down from $69,841,442,798 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 59.06%.
Fear and Greed Index
Market sentiment is up to 65, up from 48 yesterday.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 46.20, down from 46.25 yesterday. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 51.41, up from 46.88 yesterday. 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
“Both cryptocurrencies and central bank issued digital currencies can play a critical role in shaping a more inclusive recovery and a more equitable financial system.”
– Dan Schulman, PayPal CEO
What they said yesterday
Worth a read for Doge fans…
Big news…
SATS not flights…
The last six have been pretty good too…
Crypto AM Editor writes
Ethereum ‘yet to take off’ and is on track for $5,200 soon say experts…
Ethereum punches through $3,000 with market cap bigger than Bank of America…
Ethereum closing in on $3,000 as Bitcoin eases off the throttle…
Cardano teams up with Save the Children for humanitarian initiative…
HMRC we’re not clamping down on crypto…
Binance jumps on the NFT market…
Ethiopia overhauls its educational system with IOHK blockchain partnership…
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Crypto AM: Recommended Events
Crypto AM DeFi & Digital Inclusion Online Summit powered by Cointelligence Fund
May 20 2021
AIBC World
May 25 to 26 2021 – Dubai
https://aibc.world/events/uae/general-info/
Bitcoin 2021
June 3 to 5 2021 – Miami
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Crypto AM Awards 2021
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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.