By Kimberly Butler
Bitcoin continues to establish itself above $20,000, with the price hitting highs of more than $24,000 over the weekend, despite ongoing concerns about the state of the global economy. The largest cryptocurrency by market capitalisation is changing hands for $23,330 at time of writing, down 1.4% over the past 24 hours but up 6.5% since this time last week. It also means it closed July up 17%, a significant improvement on June’s 40% drop. Are we on the road to recovery?
Other major cryptocurrencies moved in a similar pattern to Bitcoin over the weekend, with the price of Ethereum largely holding above $1,700 before dropping back to $1,630 this morning – down 0.16% over the past 24 hours and up 11% since this time yesterday.
The recovery in the crypto market follows the US gross domestic product (GDP) report on Thursday, which showed a quarterly growth rate decline of 0.9%, disappointing those who were predicting a 0.5%increase. The decrease marks the second consecutive quarter for negative GDP growth, which historically has signalled an economic recession, though there seems to be some debate as to whether this has happened yet.
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Friday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently
What Bitcoin did yesterday
We closed yesterday, July 31 2022, at a price of $23,336.90 The daily high yesterday was $24,121.64 and the daily low was$23,275.70.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $445.42 billion. To put it into context, the market cap of gold is $11.26 trillion and Tesla is $931.11 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $23.152 billion.. 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 54.39%.
Fear and Greed Index
Market sentiment today is 33, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.92. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 54.54.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
“In the next 10 years countries are going to compete to stack Bitcoin.”
Alex Gladstein, Chief Strategy Officer, Human Rights Foundation’
What they said yesterday
Traditional finance is waking up
Times are changing, indeed
Take the long view
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Part one of two – April 2021
Part two of two – April 2021
Five Part Series – March 2021
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
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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