Choppy waters for the crypto market as screens turn red
Crypto at a glance
It was another rough night for the Bitcoin price, falling to a low of $53,350 during the Asian session. It’s since clawed its way back to around the $55,000 level, though it’s still down more than 10% on Sunday’s all-time high.
Yesterday saw the leading cryptocurrency suffer its biggest single-day price decline in more than two weeks, but it now seems to have settled in last week’s comfort zone and sell pressure looks to have faded. Is Bitcoin now set for another period of consolidation before another push?
There could be good news on the horizon for demand too. New research by Mizuho Securities estimates that, of the $380 billion worth of $1,400 cheques set to be sent to citizens, more than 10% of it could find its way into Bitcoin and stocks. Mizuho anticipates that roughly 60% of this will go on Bitcoin – potentially adding up to 3% to the cryptocurrency’s market value.
There was a limited movement elsewhere, with minor gains for Ethereum, DOT and ADA, though nothing much to write home about. There was a bit more pep in XRP’s step, which charged up over 10% to near $0.50.
Vechain and Terra (LUNA) also both continue their good run too, with both climbing more than 20% so far this week and sitting pretty in the top 20 coins by market cap. Is anything else due a big push this week or is everyone still too focused on NFTs and finding the next Beeple?
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In the Markets
| Name | Price | Price Change (24h) | Price Change (7 days) | |
| Bitcoin (BTC) | $55,983.70 | -2.79% | +4.23% | |
| Ethereum (ETH) | $1,815.81 | +1.50% | -0.36% | |
| XRP (Ripple) | $0.4808 | +11.68% | +0.02% | |
| Monero (XMR) | $222.86 | -1.74% | +0.05% | |
| Polkadot (DOT) | $34.43 | -3.62% | -3.15% | |
| Algorand (ALGO) | $1.18 | +1.78% | +2.05% | |
| Cardano (ADA) | $1.05 | +3.63% | -6.78% | |
| Chainlink (LINK) | $28.13 | +1.42% | -9.29% | |
| Aave (AAVE) | $372.13 | +1.37% | -13.14% | |
| UniSwap (UNI) | $29.21 | -3.11% | -12.17% | |
| Celsius (CEL) | $4.94 | +0.19% | -9.65% | |
| Binance Coin (BNB) | $254.80 | +0.06% | +5.02% | |
| Crypto market cap | $1,717,659,982,485 | |||
| MVIS CryptoCompare Digital Assets 100 Large-Cap Index | -0.09 | |||
| MVIS CryptoCompare Digital Assets 100 Small-Cap Index | +0.88 | |||
| MVIS CryptoCompare Ethereum VWAP Close Index | +0.97 | |||
| Prices and data as of [08:30, 16/03/2021] | Source: CryptoCompare.com, MVIS |
The Bitcoin economy
*Definitions and insights can be found at https://bytetree.com/insights/
What Bitcoin did yesterday
We closed yesterday, March 15 2021, at a price of $55,907.20 – down from $59,302.32 the day before.
The daily high yesterday was $60,540.99 and the daily low was $55,393.17. That’s Bitcoin’s highest ever daily low.
This time last year, the price of Bitcoin closed the day at $5,392.31. In 2019, it closed at $3,960.91.
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 $1,044,393,752,585 at time of writing, down from $1,085,955,406,267 yesterday. To put that into context, the market cap of gold is $10.99 trillion and silver is $1.43 trillion.
Bitcoin volume
The volume traded over the last 24 hours was $69,413,155,271, up from $50,875,839,680 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 70.25%.
Fear and Greed Index
Market sentiment is back down in Greed at 71.
Bitcoin’s market dominance
Bitcoin’s market dominance is 61.72. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is 58.28. 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
“While Bitcoin is a new invention of the digital age, the problems it purports to solve — namely, providing a form of money that is under the full command of its owner and likely to hold its value in the long run — are as old as human society itself”
Saifedean Ammous, The Bitcoin Standard
–
What they said yesterday
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March 31 to April 1 2021 – Dubai
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April 6 & 7 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. CityAM, 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.