New all-time high hailed with the cry: “Pay me in Bitcoin!”
Crypto at a glance
What do the Sacramento Kings, Southampton FC, the MicroStrategy Board, TIME Magazine, and Mad Money host Jim Cramer have in common?
They’re all part of this week’s most bullish trend – getting paid in Bitcoin.
Is this the beginning of a new wave of retail and institutional investment?
The push for salaries to be paid in Bitcoin comes as the leading cryptocurrency continues to trade at more than $60,000 this morning, setting a brand spanking new all-time high of more than $62,000.
It’s now held its market cap above $1 trillion for more than 10 consecutive days.
This week’s bullishness is brought to you courtesy of a number of factors that likely includes the impending Coinbase listing. It’s been widely speculated that the US exchange’s direct stock listing tomorrow and the mainstream press coverage it brings is driving a number of newbie investors to put money into cryptocurrencies. Is this a watershed moment, or driving a temporary boost?
It’s a similar story everywhere today, with Ether hitting a new all-time high price at $2,199.87 during trading hours in Asia. Exchange tokens including Binance’s BNB was another big riser, smashing its new all-time high on Monday, surpassing the $610 mark yesterday as it approaches its 15th quarterly token burn. However, BNB is currently down seven per cent over the last 24 hours to $540. XRP also continues to trade high, currently changing hands at around $1.60–up another 13 per cent since yesterday morning.
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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 $2,096,292,465,523, down slightly from $2,104,472,283,297 yesterday.
What Bitcoin did yesterday
We closed yesterday, April 12 2021, at a price of $59,893.45 – down from $60,204.96 the day before.
The daily high yesterday was $61,253.04 and the daily low was $59,589.87.
This time last year, the price of Bitcoin closed the day at $6,971.09. In 2019, it closed at $5,089.54.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.136 trillion, down from $1.140 trillion yesterday. To put that into context, the market cap of gold is $10.949 trillion and Alphabet (Google) is $1.515 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $54,619,615,948, up from $46,266,680,404 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 45.7%.
Fear and Greed Index
Market sentiment remains in Greed at 74.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 55.73. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 63.03. 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
“I think it is a store hold of value. I think this is a $2 trillion market cap maybe going to $3 trillion.”
Jim Cramer, Host of CNBC’s Mad Money
What they said yesterday
MicroStrategy’s macro strategy…
A clarion call for 2021…
Coin of the year…
*Not financial advice. They’ve been right before though…
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Crypto AM: Conversation with James Bowater
Crypto AM: Market View in association with Ziglu
Crypto AM: Technically Speaking in association with Zumo
Crypto AM: A Trader’s View with TMG
Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
Crypto AM: Talking Legal
Crypto AM: Spotlight
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Definitively DeFi
Crypto AM Parliamentary Special Five Part Series
March 2021
Day Five
Day Four
Day Three
Day Two
Day One
Crypto AM: Recommended Events
AIBC World
May 25 to 26 2021 – Dubai
https://aibc.world/events/uae/general-info/
Crypto AM Canada Roundtable
Crypto AM DeFi & Digital Inclusion Summit
&
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.