Bitcoin rebounds after another day of market turbulance
Yesterday was another turbulent day in the markets, with Bitcoin falling to a fresh low of $33k in the morning before seeing a sharp rebound to more than $37k. The largest cryptocurrency by market cap is currently up more than eight per cent and changing hands for around $36,500. Can it sustain that momentum?
Other major cryptocurrencies followed the leader, with Ethereum also up more than seven per cent to just below $2,500. The price action again echoes major stock indices, which tumbled earlier in the day before rebounding. The main driver still appears to be concerns that the US Federal Reserve will hike interest rates this week. Will certainty on the matter either way provide that boost we’ve been waiting for?
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Yesterday’s Crypto AM 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 $1,621,685,496,333, up from $1,615,262,801,871 yesterday.
What Bitcoin did yesterday
We closed yesterday, January 23 2022, at a price of $36,654.33, up from $36,276.80 the day before. The daily high yesterday was $37,247.52 and the daily low was $33,184.06.
This time last year, the price of Bitcoin closed the day at $32,366.39. In 2020, it closed at $8,367.85.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $681.39 billion. To put it into context, the market cap of gold is $11.678 trillion and Tesla is $933.96 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $41,444,844,200, up from $25,588,267,184 yesterday. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.
The price volatility of Bitcoin over the last 30 days is 53.68%.
Fear and Greed Index
Market sentiment today is 12, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.57. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 27.82. 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.
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“I have owned #Bitcoin for years and am a strong believer.”
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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 AM, 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