Price of Bitcoin continues its sideways shuffle
Bitcoin continues to drift around $27k, in line with a slowdown in tech stocks as investors wait for corporate earnings from big tech companies to get a health check on the sector and the economy.
Ethereum is down 1.7% from yesterday, having now pulled back 13% from last week’s highs following the Shanghai upgrade.
Green candles are a rare sight today, with Avalanche (AVAX) (+2%) being among a few to improve on yesterday’s position.
While there’s been a marked pullback in the last week, Standard Chartered remains upbeat about Bitcoin’s future prospects.
In a note published yesterday, the multinational bank said the macro economic environment for riskier assets should improve as the Fed’s monetary tightening cycle nears its end, also noting the volatility in the banking sector.
“The current stress in the traditional banking sector is highly conducive to BTC outperformance – and validates the original premise for Bitcoin as a decentralised, trustless and scarce digital asset,” an analyst from the bank said.
“Given these advantages, we think BTC’s share of total digital assets market cap could move into the 50-60% range in the next few months (from around 45% currently).”
The bank predicts all-time highs for BTC by the end of 2024.
Yesterday’s Crypto AM Daily
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 this morning was $1.149 billion.
What Bitcoin did yesterday
We closed yesterday, April 24, at a price of $27,525. The daily high yesterday was $27,979, and the daily low was $27,070.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $528.177 billion. To put it into context, the market cap of gold is $13.23 trillion and Tesla is $515.17 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $16.292 billion.
Fear and Greed Index
Market sentiment today is 53, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 47.42. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 41.64. 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.
Soundbite of the day
The current stress in the traditional banking sector is highly conducive to BTC outperformance – and validates the original premise for Bitcoin as a decentralised, trustless and scarce digital asset.
Geoff Kendrick, analyst at Standard Chartered
What they said yesterday
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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.