Rocky start to the week continues in crypto markets
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Crypto at a glance
The crypto market’s rocky start to the week continues this morning, with the total value falling to its lowest level in over a month at just below $1.9 trillion.
The Bitcoin price tumbled to less than $43,000 yesterday, where it’s still currently changing hands. It’s now down almost 15 per cent from weekend highs of more than $48k. Ethereum (ETH) has also dropped two per cent over the last 24 hours, though the price of ETH continues to hold above $3k.
There are some shoots of green, with Solana and Cardano both showing signs of recovery after recent heavy losses. Largely though, cryptocurrency markets still seem to be following in the steps of faltering stock markets, which also saw heavy falls yesterday during the worst session for a couple of months. European markets have opened higher this morning, but will Bitcoin follow in recovery?
Bitcoin analysts appear divided as to whether this is a result of wider market conditions or part of the cycle, with some claiming that it is the end of a recent dead cat bounce after May’s crash or a predicted blip on the way to new all-time highs.
Similar dips were seen in 2013 and 2017 in the run up to new all-time highs, and models such as those by Plan B have actually predicted similar price movements.
The Crypto AM London Blockchain & DeFi Summit and Crypto AM Awards 2021
Day One will be held at ETC Fenchurch Street hosting the four Crypto AM Canada Roundtables so that delegates can meet and network with each other and learn from great discussions and talks.
Day Two will be summit day (streamed and live audience) at the Leonardo Royal Hotel, St Paul’s, finishing with the black tie gala dinner in the same venue where the winners of the Crypto AM Awards 2021 will be revealed.
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Summit & Awards Announcements
Crypto AM Awards 2021 Judges Announced
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Yesterday’s City PM Daily in association with Luno
In the markets
The Bitcoin economy
*Definitions and insights can be found at https://bytetree.com/insights/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,902,858,690,180.
What Bitcoin did yesterday
We closed yesterday, 20 September 2021, at a price of $42,843.80, down from $47,260.22 the day before. The daily high yesterday was $47,328.20 and the daily low was $42,598.92.
This time last year, the price of Bitcoin closed the day at $$10,938.27. In 2019, it closed at $10,181.64.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $807.69 billion. To put it into context, the market cap of gold is $11.194 trillion and Facebook is $1.002 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $46,982,093,703, up from $29,620,511,565 yesterday. 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 49.22%.
Fear and Greed Index
Market sentiment today is 27, back in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.86, down from 42.25 yesterday, Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 39.25, down from 46.18. 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 seems that we will be able to bank more people in 1 month than they did with nationalizations and privatizations of traditional banks in 40 years.”
El Salvador President
What they said yesterday
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Crypto AM: Features
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Crypto AM: In Conversation with James Bowater
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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 AM: Parliamentary Special
Part one of two – April 2021
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Five-part series – March 2021
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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:
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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.
All information is correct as of 08:00 BST