New kid on the block ICP breaks straight into top 10 as Doge-killer SHIBA storms in
Crypto at a glance
It’s been another turbulent start to the week, as the incredible recent gains we’ve seen across the alt markets slowed to a halt yesterday.
Bitcoin’s market dominance is actually up today for the first time in what feels like months – currently hovering above 45 per cent, having slipped to 44 per cent yesterday. Can it recover its iron like grip on the market?
Ethererum, the second-largest cryptocurrency by market capitalisation, is down almost five per cent today. It’s currently trading at just below $4,000, having hit a new all-time high of $4,197.47 yesterday. Ether’s market dominance also yesterday crossed 20 per cent for the first time in three years, though that’s now back down to 19 per cent again. Can it continue its recent run to claim what would be a hugely psychologically important $5,000 level, or is it due a correction?
It’s a similar story for Bitcoin, which rose to $59,519.35 – its highest price since April 18 – before a sell off saw it drop as low as $54,000. It’s since recovered again to $55,000, where it’s currently trading hands.
The only big winner today is new meme coin SHIBA, with investors piling into the new Dogecoin rival. It’s up 43.05% over the last 24 hours. Are these joke coins good for publicity or are they ultimately bad for crypto?
The big introduction as you scan down the tables today is ‘internet computer’ (ICP), which is the new look for Dfinity. Once positioned as a potential rival to Ethereum but now marketing itself more as a competitor to AWS, the ICP token from Dfinity was listed on Coinbase Pro and several leading exchanges. Over four hours, prices for the newly launched token ranged between $700 down to $250, before recovering 70 per cent over 10 hours to trade for $420.
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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 $2,413,548,767,170, down from $2,510,893,863,817 yesterday.
What Bitcoin did yesterday
We closed yesterday, May 10 2021, at a price of $55,859.80, down from $58,232.32 the day before.
The daily high yesterday was $59,519.35 and the daily low was $54,071.46.
This time last year, the price of Bitcoin closed the day at $8,756.43. In 2019, it closed at $6,378.85.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.038 trillion, down from $1.101 trillion yesterday. To put that into context, the market cap of gold is $11.655 trillion and Alphabet (Google) is $1.552 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $74,229,970,352, up from $64,891,192,049 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 57.71%.
Fear and Greed Index
Market sentiment today is at 61, down from 72 yesterday but still in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 45.35, up from 44.88 yesterday. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 46.17, down from 54.13 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
“The world can be broadly split into traders and investors. Traders focus on short-term price movements and arbitrage opportunities and rightly are excited by Bitcoin versus Ethereum relative movements right now. Investors focus on what the future will be like, what are the tailwinds driving projects forward, and how value will be captured by some and lost by others. For investors, BOTH Bitcoin and Ethereum need to be in your portfolio right now…Bitcoin has a chance of remaining the leading crypto asset in the world, while Ethereum has a chance of remaining the leading distributed software development platform in the world. Both positions of leadership would capture trillions of dollars of value in ten years’ time. So invest in both now.”
– Matthew Le Merle, Chairman of Blockchain Coinvestors
What they said yesterday
Tidal wave…
Walked into that one…
Not just athletes though…
Saylor speaks…
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 were not clamping down on crypto…
Binance jumps on the NFT market…
Ethiopia overhauls its educational system with IOHK blockchain partnership…
Crypto AM: Longer Reads
City PM Markets: What is Decentralised Finance (DeFi) by Aave
Crypto AM: Conversation with James Bowater
Crypto AM: Market View
Crypto AM: Technically Speaking
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
Part one of two – April 2021
Part two of two – April 2021
Five Part Series – March 2021
Part one
Part two
Part three
Part four
Part five
Crypto AM: Recommended Events
Crypto AM DeFi & Digital Inclusion Online Summit powered by Cointelligence Fund
May 20 2021
AIBC World
May 26 to 26 2021 – Dubai
https://aibc.world/events/uae/general-info/
Bitcoin 2021
June 3 to 5 2021 – Miami
Crypto AM Canada Roundtable
Crypto AM DeFi & Digital Inclusion Summit
&
Crypto AM Awards 2021
September 29 and 30 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.