By Darren Parkin
That was unexpected. Following a week of slow downward movement, Bitcoin is pushing from a $23,000 floor early this morning towards $24,000.
The leading crypto by market cap is trading for $23,740, up by more than 2% over 24 hours. Ethereum is trading in a similar range at $1,652, also in the green by 1.8%. It’s a divergence from the SP500 and Dow Jones, with both indices marginally down on the day by less than a percentage point. Conversely, stocks on the Hang Seng Index in Hong Kong jumped 4% in the last 24 hours following the release of positive economic indicators.
Many smart contract cryptocurrencies such as Solana (+1.96%) are also in the green, despite another, since resolved, network outage earlier this week. Uniswap (+5%) and Chainlink (+1.6%) have also improved on their positions over 24 hours.
This whipsaw in markets follows analyst predictions of a battle for a Bitcoin price level of $25,000, which, if won, may push the price all the way to $30,000. On the other hand, lose $23,000, and further retracement is very possible. It’s the same old story, say the experts, volatility will continue until central banks get a tight grip on inflation.
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 $1.082 billion.
What Bitcoin did yesterday
We closed yesterday, February 28, at a price of $23,147. The daily high yesterday was $23,585.38, and the daily low was $23,077.
Bitcoin market capitalisation
Bitcoin’s market capitalisation this morning was$458,557 billion. To put it into context, the market cap of gold is $12.143 trillion and Tesla is $650.88 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $23,400 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 38.74%.
Fear and Greed Index
Market sentiment today is 50, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.05. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 54.82.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.
Convince your fam: Soundbite of the day
“…a coin that says this is buying power that I know that I can save in and put my money in over a period of time and then I can transact in anywhere–I think that would be a good coin.”
Ray Dalio, Investor
What they said yesterday
Again, for those in the back…
Bitcoin growth cycles…
BTC is money…
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All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻
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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. City AM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.
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