Winter blues give way to a spring green sea of tranquillity as Bitcoin and Ethereum get back on track
Crypto at a glance
That bear market certainly didn’t last long. After two days of losses, Bitcoin is back at $58,000 and Ethereum is back at $2,100. Will we see another strong weekend in the crypto markets?
The truth is that while it may have been in the red since Tuesday, Bitcoin still traded largely within the range between $56k and $60k where it’s spent the last couple of weeks.
Yesterday’s positive price movement arrives amid a stream of positive press and adoption news, with a new Bloomberg report released yesterday predicting Bitcoin at $400k and State Street, the second-oldest bank in the US, announcing it’s set to the infrastructure for a new bank-grade trading platform for digital assets.
Will they be enough to send Bitcoin through the resistance at $60k?
It’s generally a sea of green tranquility today, with every coin and its doge up over the last 24 hours. There are no major gainers standing out in the crowd, but Binance Coin has trundled its way up to a new all-time high of $420.
XRP is also continuing to show strength, up four per cent over the last day and still holding above $1. It’s now up 75 per cent over the last seven days. It’s all looking good.
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In the markets
The Bitcoin economy
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Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,966,992,275,130, up from $1,929,987,559,189 yesterday.
What Bitcoin did yesterday
We closed yesterday, April 8 2021, at a price of $58,323.95 – up from $56,048.94 the day before.
The daily high yesterday was $58,338.74 and the daily low was $55,879.08.
This time last year, the price of Bitcoin closed the day at $7,334.10. In 2019, it closed at $5,289.77.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.081 trillion, up from $1.065 trillion yesterday. To put that into context, the market cap of gold is $11.098 trillion and Alphabet (Google) is $1.523 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $49,323,005,789, down from $72,681,346,978 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 48.26%.
Fear and Greed Index
Market sentiment remains in Greed at 70.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 56.54. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 56.25. 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
“Bitcoin seems to have it all. It is one of the few assets that seems to benefit from a rising bond yield – something we reserve for true growth stocks and those cyclicals enjoying recovery. Conversely, this is normally detrimental to traditional low-growth safe assets such as gold, defensive yield stocks and bonds. Unlike defensive stocks and bonds, Bitcoin and gold are both inflation-sensitive, but gold is happiest when the world faces a downward spiral. In contrast, Bitcoin prefers a stronger economy, when the yield is rising. This is where we are today.”
Charles Morris, Founder of ByteTree
What they said yesterday
Coming up…
Real estate gets real…
Just the beginning…
Perspective…
Crypto AM Editor writes
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Crypto AM: Technically Speaking in association with Zumo
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Crypto AM: Definitively DeFi
Crypto AM Parliamentary Special Five Part Series
March 2021
Part Five…
Part Four…
Part Three…
Part Two…
Part One…
Crypto AM: Recommended Events
AIBC World
May 25 to 26 2021 – Dubai
https://aibc.world/events/uae/general-info/
Crypto AM Canada Roundtable
Crypto AM DeFi & Digital Inclusion Summit
&
Crypto AM Awards 2021 (announcement soon)
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.