Miami Nice! Is crypto returning home?
Crypto at a Glance
There was yet another all-time high for Bitcoin yesterday, as it came within touching distance of $50,000. Will we see $50,000 this week?
If the good news continues to flow in, it’s more than likely we will. Yesterday, we had Mayor of Miami, Francis Suarez share the progress they’re making towards paying employees in Bitcoin, as well as investing in it as a city. Miami has played a central role in cryptocurrency’s history, with the Ethereum co-founders meeting for the first time in a Miami beach house where they were staying for the North American Bitcoin Conference. Suarez is also a long-time bull, speaking at the IOHK Summit in 2019 and often leaning on the likes of Charles Hoskinson, Anthony Pompliano and the Winklevoss twins for advice. Is he making a convincing case for Miami as a home of sorts for the crypto?
There was also more good news in finance, as the world’s largest asset custodian BNY Mellon announced it’s opening a new digital asset business. And finally a host major tech companies are rumoured to be getting into crypto, with Twitter’s CFO reportedly exploring bitcoin treasury holdings and Amazon possibly revealing its digital currency plans in a series of job posts. A trickle becomes a flood.
Elsewhere, there were strong gains for Algorand yesterday, which has been on a winning streak since recently hitting $1 for the first time since 2019. Can it continue its run? Cardano also came within touching distance of flipping Tether’s market cap last night before falling back slightly – could it soon be a top 3 coin?
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In the Markets
The Bitcoin Economy
What bitcoin did yesterday
We closed yesterday, 11 February, 2021, at a price of $47,909.33 – up from $44,918.18 the day before. That’s the highest closing price in Bitcoin’s history.
The daily high yesterday was $48,463.47 and the daily low was $44,187.76. That’s the highest daily high in Bitcoin’s history.
This time last year, the price of bitcoin closed the day at $10,208.24. In 2019, it was $3,648.43. Remember getting excited about 5-figure bitcoin this time last year? Remember everyone saying the halving was priced in? Guess it wasn’t.
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 currently $886,770,283,199, up from $831,896,263,974 yesterday. That keeps Bitcoin in ninth spot on the list of largest assets in the world. Will it hit a trillion dollars?
Bitcoin volume
The volume traded over the last 24 hours was $88,766,046,767, up from $83,742,305,480 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 93.19%.
Fear and Greed Index
Market sentiment remains high, in Extreme Greed at 92.
Bitcoin’s market dominance
Bitcoin’s market dominance is currently 62.13. Its lowest ever recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 72.60. 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
“When I finally understood the underpinnings of crypto, it was one of the most edifying moments. It is so deep, please dive in. I studied six months eight hours a day and what a joy. And I hope you get as lucky as I did as a result. Peace.”
- Norm Macdonald, star of Dirty Work with Chevy Chase
What they said yesterday…
Mayor of Miami, ladies and gentleman, the city of Bitcoin
New York, what you got? ?
What?
ICYMI, Adam Sandler’s friend in Billy Madison tweets about crypto all day now. What a time to be alive.
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Crypto AM: Recommended Events
CC Forum
Global Investment in Sustainable Development
3 – 4 March 2021 – Dubai
Global Technology Governance Summit
6 – 7 April 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.
Crypto AM Daily in association with Luno
