Bitcoin breached $26k for the first time since June last year
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Bitcoin (+2.3%) tagged a high of $26,514.72 yesterday, before retracing to just below $25k this morning in what analysts are describing as a ‘bump-and-run reversal’.
The leading crypto by market cap is holding steady around $24,900, while Ethereum (+2.07%) is trading for $1,709. Most other cryptocurrencies remain in the green but there’s been a marked slowdown in the markets, especially compared to the action of the past few days.
Analysts note that the most recent crypto rally got a boost yesterday by the latest Consumer Price Index (CPI) numbers – a key inflation indicator – that came in lower than expected, easing from 6.4% in January to 6% in February.
Being risk-on assets, cryptocurrencies and stocks generally receive more investor attention in a low-interest rate environment. Hence the injection of positive market sentiment every time inflation numbers go down, which investors see as a signal that the Federal Reserve may ease off rate hikes going forward.
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 this morning was $1.098 trillion.
What Bitcoin did yesterday
We closed yesterday, March 14, at a price of $24,746. The daily high yesterday was $26,514, and the daily low was $24,081.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was $480,281 billion. To put it into context, the market cap of gold is $12.482 trillion and Tesla is $579.85 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $52.667 billion. High volumes can indicate that a significant price movement has stronger support.
Volatility
The price volatility of Bitcoin over the last 30 days is 64.64%.
Fear and Greed Index
Market sentiment today is 50, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.75. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 45.15. 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 fam: Soundbite of the day
The Bitcoin network and its data centers comprise one of the most sustainable industries in the world. Not only using far less energy than the traditional banking/finance industry, but also perpetually innovating how energy is used more efficiently— better, faster, harder, greener.
Kyle Schneps, Director of Public Policy at Foundry
What they said yesterday
Didn’t skip a beat…
👀
Change…
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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
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. CityAM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.