Resurrection of ‘alt season’ as crypto market cap breaches $2 trillion for first time
Crypto at a glance
It was another historic day for cryptocurrency yesterday, with the total market cap topping $2 trillion for the first time in its young-but-distinguished history.
It’s now more than doubled since the start of the year, having first hit $1 trillion at the start of January.
The latest milestone was driven by huge rallies in the alt markets. Ethereum (ETH) soared past the $2,000 level it briefly surpassed a month ago and appears to be holding this time. It comes amidst a wave of bullish statements from the likes of Mark Cuban, and continued interest in NFTs and DeFi which are primarily built on Ethereum. Can the momentum be sustained?
XRP, meanwhile, is approaching $1 again for the first time in over a year after gaining 40% in the last 24 hours alone. It’s now recovered much of its losses since after the US Securities and Exchange Commission (SEC) filed a case against Ripple for selling XRP in unregistered securities offerings.
The move follows upbeat statements by CEO Brad Garlinghouse and tweets by Ripple executives’ attorney James K Filan over the weekend regarding the trial.
The moves seem to have lit the beacons for alt season, with Litecoin, Bitcoin Cash, Tezos and BNB all also up more than 10% over the last 24 hours.
Bitcoin’s market dominance has now fallen to just 57 per cent, having started 2021 at 73 per cent. The leading cryptocurrency is still performing strongly, though it failed to break past resistance at $60,000. It has been trading steadily near $59,000. Can it rally again this week?
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Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,983,169,763,957.
What Bitcoin did yesterday
We closed yesterday, April 5 2021, at a price of $59,057.88 – up from $58,758.56 the day before.
The daily high yesterday was $59,891.30 and the daily low was $57,694.83.
This time last year, the price of Bitcoin closed the day at $6,791.13. In 2019, it closed at $5,036.68.
Bitcoin market capitalisation
Bitcoin’s market capitalisation is $1.096.61 trillion at time of writing. To put that into context, the market cap of gold is $10.901 trillion and silver is $1.497 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $1,099,564,594,203 according to CoinMarketCap. 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 51.11%.
Fear and Greed index
Market sentiment is back down in Greed again at 75.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 57.12. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 57.24. 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
“I have a lot of Ethereum as well. I wish I had bought it sooner, but I started buying it four years ago, simply because I think it’s the closest we have to a true currency.”
Mark Cuban, American billionaire
What they said yesterday
Never stop never stopping…
Bitcoin is for everyone…
Snoop gets it…
Layers…
Crypto AM Editor writes
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Crypto AM: Recommended Events
Global Technology Governance Summit
April 6 to 7 2021 – Tokyo
https://www.weforum.org/events/global-technology-governance-summit-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.