Price of Bitcoin breaks $17,000 as optimism seeps into crypto markets
Bitcoin is trading around $17,100 this morning, up another 1.23% in the last day and 3.16% over seven days.
Ethereum has also added a percentage point over 24 hours, trading for $1,282.
As the dust has settled somewhat in the last week, experts say that cryptocurrency investors have again started looking at broader markets in deciding their next move. Yesterday’s suggestions by Federal Reserve Chair Jerome Powell that the Fed may start with more moderate rate hikes as early as December 2022 could be behind the flickers of optimism in crypto markets this morning, according to market analysts.
The Fear & Greed Index shows that uncertainty is still high, however, slipping back to 27 from yesterday’s 28, but it’s an improvement on last week’s 20. Will we see Bitcoin build on this momentum past $17,000? And will the rest of the industry follow?
Yesterday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
*Data can be found at https://terminal.bytetree.com/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $858.466 billion.
What Bitcoin did yesterday
We closed yesterday, November 30 2022, at a price of $17,168.57. The daily high yesterday was $17,190.94, and the daily low was $16,445.48.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $329.997 billion.. To put it into context, the market cap of gold is $11.823 trillion and Tesla is $605.71 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $25.662 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 54.72%.
Fear and Greed Index
Market sentiment today is 27, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 40.31. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 43.38. 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
“Contrary to popular opinion, Bitcoin is not a belief system. Rather, it’s rooted in economic incentives that drive the behaviour of rational economic actors.”
Michael Nadeau, author, The DeFi Report
What they said yesterday
Eyes on the prize…
Bom dia, Bitcoin!
May it last…
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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