Optimism in the air as Bitcoin creeps closer to $20k
There’s been a general upward trend in cryptocurrency prices over the last 24 hours, with Bitcoin up 3.7% and trading at $19,891 this morning.
Ethereum is walking in step, trading at $1,347 this morning, up 4.2% on the day. The market cap of all cryptocurrencies combined is up almost 3% over the same period.
Optimism in the crypto markets has been mirrored in traditional equity markets. The S&P 500, Dow Jones and Nasdaq have all shown upward movements in the 2-3% range to kick off October, which experts have attributed to a slowdown in US manufacturing, as shown by the ISM index. Investors are hoping this may lead the Fed to ease off on interest rate hikes in future.
Will we see this optimism continue through the rest of the month?
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Yesterday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
*Definitions and insights can be found at https://bytetree.com/research
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $954,884 billion.
What Bitcoin did yesterday
We closed yesterday, 3 October 2022, at a price of $19,623.58. The daily high yesterday was $19,653.54 and the daily low was $19,025.23.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $381.69 billion. To put it into context, the market cap of gold is $11.327 trillion and Tesla is $754.1 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was
$32.214 billion. 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 47.31%.
Fear and Greed Index
Market sentiment today is 20, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.60. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 49.93. 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
“It isn’t obvious that the world had to work this way. But somehow the universe smiles on encryption.”
Julian Assange, activist and founder of WikiLeaks
What they said yesterday
Important piece of Bitcoin history…
Bitcoin is freedom…
Good point…
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Crypto AM: Features
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: Contributors
Crypto AM: In Conversation with James Bowater
Crypto AM: Tomorrow’s Money with Gavin S Brown
Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
Crypto AM: Visions of the Future, Past & Present with Alex Lightman
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry
Crypto on the catwalk
Crypto AM: Events
For those of you who missed the Crypto AM DeFi & Digital Inclusion online summit 2021 – you can now watch the event in two parts via YouTube
Part One
https://www.youtube.com/watch?v=dvqNMNZTIDE
Part Two
https://www.youtube.com/watch?v=WXhX_-Tr5j0
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 08:00 BST