The cryptocurrency market seems to be back in stride with equities as it loses ground on its gains earlier this week.
Bitcoin, at $16,765, is trading down 1.5% in the last day, while Ethereum has shed 2.39% off its price. Third-gen cryptocurrencies such as Solana and Chainlink are also in the red.
Traditional markets have continued their downward trend following the most recent inflation data earlier in the week, which investors took as an indication that interest rate hikes won’t be going away anytime soon. The SP500 is down by 1% while the Nasdaq Composite has lost 2% in the last 24 hours.
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 at time of writing is currently $837.869 billion.
What Bitcoin did yesterday
We closed yesterday, December 6 2022, at a price of $17,089. The daily high yesterday was $17,091, and the daily low was $16,939.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $322.22 billion. To put it into context, the market cap of gold is $11.766 trillion and Tesla is $559.42 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $21.298 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 52.21%.
Fear and Greed Index
Market sentiment today is 29, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 40.63. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 41.82. 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 Nan: Soundbite of the day
“The SWIFT network has limited participants, while Bitcoin is open to anyone. Open networks win.”
Jack Mallers, CEO of Strike
What they said yesterday
Great to hear…
HODLers rise up…
Always good to aim high…
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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.
All information is correct as of 08:00 BST