Yesterday’s Bitcoin gains hold firm as crypto markets show promise
Bitcoin and Ethereum continue collecting green candles today, going in the opposite direction of equities, which has historically been closely correlated to crypto markets.
Cryptocurrencies number one and two by market cap are up by 0.3% and 1.30%, respectively, with Bitcoin trading for $17,266 this morning, and Ethereum priced at $1,332.
Yesterday’s newsmakers Cardano and Solana have tempered somewhat since the showing of double-digit price gains in the last week. Solana is still in the green today and up a remarkable 37% over a week, while Cardano is in the green by 25% over the same period, albeit down by 1.85% since yesterday.
The Chair of the Federal Reserve, Jerome Powell, is expected to deliver a speech in Sweden today, which investors will be following closely for any news on the Fed’s plans for future interest rate hikes.
Yesterday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
*Data can be found at https://terminal.bytetree.com/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $851,640 billion.
What Bitcoin did yesterday
We closed yesterday, January 9, at a price of $17,196. The daily high yesterday was $17,389, and the daily low was $17,093.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $332.49 billion. To put it into context, the market cap of gold is $12.4 trillion and Tesla is $378.2 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $16.336 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 23.27%.
Fear and Greed Index
Market sentiment today is 26, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.03. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 57.76. 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
“We see Bitcoin as the internet’s potential to have a native currency.”
Jack Dorsey, CEO of Square
What they said yesterday
Great concept…
When infinite liquidity meets absolute scarcity…
The future is bright…
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Crypto AM: Editor’s picks
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Q&A with Duncan Coutts, Principal Technical Architect at IO Global
Jamie Bartlett – on the trail of the missing ‘Cryptoqueen’
MPs are falling silent over potential of cryptocurrency
Erica’s ‘Crypto Wars’ handed honours in Business Book Awards
‘Let people invest’: Matt Hancock makes case for liberal crypto rules
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Crypto AM: Features
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: Contributors
Crypto AM: In Conversation with James Bowater
Crypto AM: Tomorrow’s Money with Gavin S Brown
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 on the catwalk
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
Part One
https://www.youtube.com/watch?v=dvqNMNZTIDE
Part Two
https://www.youtube.com/watch?v=WXhX_-Tr5j0
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