Price of Bitcoin looks to be heading back towards $18,000
Bitcoin is trading around $17,820 this morning, after yesterday coming within a hair’s breadth of $18,000 to set a new monthly high of $17,926.
The majority of the crypto market is following this pattern. Ethereum, at $1,323, is trading well above $1,300 for the first time in 30 days, after only once touching this level earlier in December.
Analysts are expecting today’s interest rate announcement by the Federal Reserve Bank to move equity and crypto markets. Will it lead to Bitcoin breaking the $18,000 level?
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 $872 billion.
What Bitcoin did yesterday
We closed yesterday, December 13 2022, at a price of $17,781. The daily high yesterday was $17,930,, and the daily low was $17,111.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $342.99 billion. To put it into context, the market cap of gold is $11.939 trillion and Tesla is $500.71 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $25.210 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 26.79%.
Fear and Greed Index
Market sentiment today is 30, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.36. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 53.47. 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
“We have to seperate the bad actions of an individual from good created by an industry and innovation. Let me be clear, I believe in the promise of digital assets”
Patrick McHenry, US Representative for North Carolina
What they said yesterday
No time like the present…
In the immortal words of Satoshi: ‘There’s more work to do’…
Tick tock next block…
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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