Moon time for crypto markets?
Crypto at a glance
It was another supreme weekend in the crypto markets, which soared to a total capitalisation of more than $2.1 trillion for the first time as a number of coins hit new all-time highs.
Bitcoin (BTC) is back over $60,000 for the first time in a month, coming within touching distance of its all-time high yesterday without quite getting over the line. It’s currently still trading at around the $60,000 level and seems to be holding better above the important psychological level. Can it now use it as a springboard, having spent the last couple of weeks consolidating?
There was even better news for Ethereum (ETH), which did make it over the all-time high line. The second-largest cryptocurrency by market cap, came close to $2,200 just days after breaching $2,100 for the first time. Binance Coin (BNB) has also soared to almost $600 for the first time and is up over 25 per cent over the last 24 hours.
There were also all-time highs for Litecoin (LTC), Stellar (XLM), VeChain (VET) and Solano (SOL), with double digit gains the order of the day. Bitcoin’s market dominance is now just 55 per cent. Is alt season well and truly here now?
The explosion in gains follows a recent trend of bullish weekend price action followed by a drop on Monday, but with the Coinbase listing set to take place on Wednesday, can the momentum now carry through?
The rush of all-time highs also follows another cryptic, potentially-crypto-related tweet by Elon Musk “… going to moon very soon”, which was widely interpreted as a reference to Bitcoin. If it is, is he right?
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*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 $2,104,472,283,297.
What Bitcoin did yesterday
We closed yesterday, April 11 2021, at a price of $60,204.96 – up from $59,793.24 the day before. That’s the first time Bitcoin has closed above $60,000 since March 13 and only the second time in its history.
The daily high yesterday was $60,790.56 and the daily low was $59,289.80.
This time last year, the price of Bitcoin closed the day at $6,859.08. In 2019, it closed at $5,064.49.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.140 trillion. To put that into context, the market cap of gold is $11.045 trillion and Alphabet (Google) is $1.536 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $46,266,680,404. 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 46.37%.
Fear and Greed Index
Market sentiment remains in Greed at 74.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 55.66. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 64.03. 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 basically eating the world, it’s destroying all other assets in terms of performance. So, you and I know that once people see that, it tends to become self-fulfilling, it becomes a reflexive loop… I’ve literally never seen this in my whole career, where something is so dominant as a trade.”
Raoul Pal, CEO of Global Macro Investor and Real Vision Group
What they said yesterday
Moon now?
More space love for crypto…
Saylor does it again…
Speaking of HNWI…
Crypto AM Editor writes
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Part five…
Part four…
Part three…
Part two…
Part one…
Crypto AM: Recommended Events
AIBC World
May 25 to 26 2021 – Dubai
https://aibc.world/events/uae/general-info/
Crypto AM Canada Roundtable
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&
Crypto AM Awards 2021 – (announcement soon)
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.