Sea of green as Bitcoin retakes $20k while Ethereum and Cardano see 14% rises
It’s a sea of green today as cryptocurrencies and stocks in traditional markets continue their upward momentum.
Bitcoin reclaims $20,000 for the first time since June this year, an increase in price of more than 5% over 24 hours and 6.15% in the last week. Ethereum continues to forge ahead, trading up more than 14% on the day at $1,534. The second largest cryptocurrency by market cap is now up more than 18% in the last week.
Bulls have also come out to play in the altcoin markets, with Solana and Cardano both up more than 10% on the day. Uniswap is showing strong numbers, up 9% over the same period and Chainlink gaining 5%.
Numbers in the equity markets are reflecting the same flickers of investor optimism, albeit a bit more subdued than the crypto markets. The SP500 is up 1.6% in the last day, while the Nasdaq is up by more than 2%.
Experts say the sudden jump in crypto markets may be due to short positions, investors betting against the price of an asset going up, being liquidated, leading to what’s known as a short squeeze.
Will we see the momentum continue through the rest of the week?
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Yesterday’s Crypto AM Daily in association with Luno
The Bitcoin economy
*Definitions and insights can be found at https://bytetree.com/research
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $995.004 billion.
What Bitcoin did yesterday
We closed yesterday, October 25 2022, at a price of $20,095. The daily high yesterday was $20,348, and the daily low was $19,261.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $395.04 billion. To put it into context, the market cap of gold is $10.054 trillion and Tesla is $691.93 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $59.295 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 30.9%.
Fear and Greed Index
Market sentiment today is 33, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.58. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 60.88. 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
“A decelerating positive correlation with SPX/QQQ and a rapidly rising correlation with XAU [gold] indicate that investors may view bitcoin as a relative safe haven as macro uncertainty continues and a market bottom remains to be seen.”
Bank of America Analysts
What they said yesterday
Nothing to see here…
https://mobile.twitter.com/TheBitcoinConf/status/1584956089321533442
Welcome to the club…
https://mobile.twitter.com/DocumentingBTC/status/1585043977366929408
Progress is progress…
https://mobile.twitter.com/MightyDylanK/status/1584843364914323458
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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
Part Two
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