With Ether smashing through $1,500, MicroStrategy’s online ‘Bitcoin for Corporations’ event might send BTC stratospheric
Crypto at a Glance
There have been so many all-time highs set recently that it’s getting hard to keep up, but seeing Ethereum at over $1,500 will be particularly satisfying for many in the space. Is it now set to follow Bitcoin’s December trajectory and take off into the stratosphere?
It’s good news everywhere today, in fact. Bitcoin has broken out of the range between $30,000 and $35,000. It now needs to comfortably stabilise above the $35k level to see a clear shift in trend, and there are several healthy indicators that suggest it has the momentum in its favour. Michael Saylor of MicroStrategy is also today throwing his get-together to teach public companies how to buy Bitcoin, which is basically the equivalent of Martha Stewart doing a tupperware party. Is institutional investment in Bitcoin set for another shot in the arm? A second dose, if you will.
Elsewhere, Cardano continues to surge and is holding strong above $0.40, UniSwap is still hovering around the $20 mark, and even XRP seems to have stabilised after it’s recent rollercoaster. It’s all swimming along pretty nicely, really. Carry on.
In the Markets
The Bitcoin Economy
What bitcoin did yesterday
We closed yesterday, 2 February, 2021, at a price of $35,510.29 – up from $33,537.18 the day before. That’s the highest daily close since 20 January.
The bitcoin price has now closed over $30,000 for 32 days in a row and over $20,000 for 47 days in a row.
The daily high yesterday was $35,896.88 and the daily low was $33,489.22. It’s the highest daily low since 20 January.
This time last year, the price of bitcoin closed the day at $9,344.37. In 2019, it was $3,521.06.
As of today, buying bitcoin has been profitable for…
99.9% of all days since 2013-04-28.
Bitcoin market capitalisation
Bitcoin’s market capitalisation is currently $671,091,782,600, up from $640,588,244,833 yesterday. That means it remains in 12th position, behind Alibaba. Jeff Bezos stepped down as Amazon CEO yesterday with a personal fortune of $195 billion, which means he couldn’t even buy a third of all bitcoin. Which means he’ll probably consider his time at Amazon a failure. Sorry, Jeff.
Bitcoin volume
The volume traded over the last 24 hours was $65,102,585,376, up from $61,606,579,953 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 97.31%.
Fear and Greed Index
Market sentiment remains high, in Extreme Greed at 78. To maintain sentiment at this level for this length of time is unusual and could mean a correction is due.
Bitcoin’s market dominance
Bitcoin’s market dominance is currently 62.95. Its lowest ever recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 58.36. 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
“People are going to bitcoin because there’s 20 million bitcoins that will ever be mined, there’s complete scarcity in it. People believe it’s a store of value. It’s a social construct, and you can’t change that.”
– Mike Novogratz, CEO of Galaxy Investment Partners
What they said yesterday…
Reminder that tomorrow Michael Saylor is personally shilling Bitcoin to leading CEOs
Life comes at you fast
Does this mean Twitter is going to start paying its staff in bitcoin?
An interesting idea
Lot of blue ticks on crypto twitter these days
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Crypto AM: Recommended Events
Bitcoin for Corporations – MicroStrategy
3 February 2021 – online – 12.00 – 16:45 EST
https://www.microstrategy.com/en/resources/events/world-2021/bitcoin-summit
6th Edition Global Blockchain Conference
9 February 2021 – Dubai
https://agoragroup.ae/events/global_blockchain_congress_6th_edition
Global DeFi Conference
10 February 2021 – Dubai
https://agoragroup.ae/events/global_defi_congress%20
CC Forum
Global Investment in Sustainable Development
3 – 4 March 2021 – Dubai
Global Technology Governance Summit
6 – 7 April 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.
Crypto AM Daily in association with Luno
