Daily briefing: Bitcoin trading at highest level since August last year

Bitcoin is worth $23,332 at the time of writing, a level last seen in August 2022. The leading crypto tickled the ceiling of $24,000 yesterday before posting a daily high of $23,919. Ethereum is trading for $1,600 this morning, remaining virtually flat since yesterday. There seems to be a slight divergence forming between Bitcoin and Ethereum, as the original crypto has continued its growth over the week (2.5%), while Ethereum has slowed to post a negative of 2% over the same period. 

The CoinDesk Large Cap Select Index, which tracks a handful of the largest coins by market cap, shows a slight decline of 1% in the greater market. 

This week will be an important one for investors as they wait for the latest interest rate hike decision from the Fed. Analysts expect a gentler hike of 25 basis points (0.25%), a reprieve from the 75 and 50 basis point hikes of the past. 

NamePricePrice Change (24h)Price change (7 days)
Bitcoin (BTC)$23,332.36+0.35%+2.51%
Ethereum (ETH)$1,600.46+0.20%-2.01%
XRP (Ripple)$0.4043-1.86%-4.60%
Litecoin (LTC)$92.02-3.11%+3.59%
Bitcoin Cash (BCH)$132.81-2.30%-1.65%
Chainlink (LINK)$7.07-4.06%-0.38%
Uniswap (UNI)$6.65-2.64%-3.02%
Cardano(ADA)$0.3793-2.06%+0.37%
Solana(SOL)$24.32+0.42%-0.90%

Total crypto market cap

The total capitalisation of the entire cryptocurrency market this morning was $1.071 trillion. 

What Bitcoin did yesterday

We closed yesterday, 30 January, at a price of $23,774. The daily high yesterday was $23,919, and the daily low was $22,985.

Bitcoin market capitalisation

Bitcoin’s market capitalisation this morning was $458.291 billion. To put it into context, the market cap of gold is $12.79  trillion and Tesla is $561.76 billion.

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $27.423 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 35.55%.

Fear and Greed Index

Market sentiment today is 61, in Greed.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 44.54. Its lowest ever recorded dominance was 37.09 on 1 January 2018.

Relative Strength Index (RSI)

The daily RSI is currently 78.92. 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

“There will be a competition of moneys, and Bitcoin is a part of that competition. I look at it as an alternative gold.”

Ray Dalio, billionaire investor

What they said yesterday

Happy new year

With Bitcoin, everyone plays by the same rules

Hype goes both ways 

_______________________________________________

27/01/23

Bitcoin is trading at $22,981 this morning, remaining virtually unchanged over 24 hours but in the red by 0.19% as investors look for the next signal. Ethereum is selling for $1,581 at the time of writing, down by 1.71% since yesterday. 

The market cap of the crypto market is also idling at $1.045 trillion, continuing to show resilience above the key $1 trillion-level. 

Markets will be keeping a close eye on today’s release of the latest numbers from the US Core PCE Index, the personal consumption expenditures (PCE) prices (excluding food and energy prices). If they come in lower than expected, analysts expect the risk-on mood in stocks and crypto to continue, but the opposite also holds true. 

NamePricePrice Change (24h)Price change (7 days)
Bitcoin (BTC)$22,981.92-0.19%+9.79%
Ethereum (ETH)$1,581.68-1.71%+2.06%
XRP (Ripple)$0.4074-1.14%+4.21%
Litecoin (LTC)$87.61-1.54%+4.15%
Bitcoin Cash (BCH)$134.85+2.89%+11.75%
Chainlink (LINK)$7.25+4.80%+12.18%
Uniswap (UNI)$6.70+2.39%+9.90%
Cardano(ADA)$0.3782+0.48%+12.62%
Solana(SOL)$23.80-2.97%+12.90%

Total crypto market cap

The total capitalisation of the entire cryptocurrency market this morning was $1,045 trillion. 

What Bitcoin did yesterday

We closed yesterday, 26 January, at a price of $23,032. The daily high yesterday was $23,237, and the daily low was $22,911.

Bitcoin market capitalisation

Bitcoin’s market capitalisation this morning was $443.923 billion. To put it into context, the market cap of gold is $12.707  trillion and Tesla is $506.09 billion.

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $25.635 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 36.16%.

Fear and Greed Index

Market sentiment today is 55, in Greed.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 44.45. Its lowest ever recorded dominance was 37.09 on 1 January 2018.

Relative Strength Index (RSI)

The daily RSI is currently 79.24. 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

“It took months to get this class approved, but we made it! Getting Bitcoin into the curriculum is important for the long game.”

Korok Ray, Professor of economics at Texas A&M

What they said yesterday

The Bitcoin network, still working despite it all 

Probably something

Bitcoin’s real-world value 


26/01/23

It seems the Bitcoin bulls aren’t ready to let go of $23,000 just yet, seeing that the price of the leading crypto by market cap has again been pushed above this key level since it backtracked the previous day. Bitcoin was back up past $23,000 this morning at time of writing, with Ethereum following above $1,600. This puts Bitcoin up above 10% over the last week, and Ethereum in the green by 3.68% over the same period. 

Other noteworthy movements include that of Cardano, which has added 4.5% to its price since yesterday, and Solana, also in the positive by 5%. Uniswap and Chainlink also continue to collect their share of daily green candles. 

NamePricePrice Change (24h)Price change (7 days)
Bitcoin (BTC)$23,047.19+1.59%+10.86%
Ethereum (ETH)$1,609.14+3.68%+5.29%
XRP (Ripple)$0.4115+0.43%+6.89%
Litecoin (LTC)$89.00+1.47%+6.89%
Bitcoin Cash (BCH)$131.03+1.10%+8.46%
Chainlink (LINK)$6.92+2.45%+7.45%
Uniswap (UNI)$6.55+3.30%+6.97%
Cardano(ADA)$0.3757+4.50%+3.29%
Solana(SOL)$23.13+5.76%+12.59%

Total crypto market cap

The total capitalisation of the entire cryptocurrency market this morning was $1.049 trillion.

What Bitcoin did yesterday

We closed yesterday, 25 January, at a price of $23,117. The daily high yesterday was $23,722, and the daily low was $22,406.

Bitcoin market capitalisation

Bitcoin’s market capitalisation this morning was $445.539 billion. To put it into context, the market cap of gold is $12.779  trillion and Tesla is $456.07 billion.

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $30,685 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 36.59%.

Fear and Greed Index

Market sentiment today is 54, in Neutral.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 44.35. Its lowest ever recorded dominance was 37.09 on 1 January 2018.

Relative Strength Index (RSI)

The daily RSI is currently 79.42. 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

“More Bitcoin Lightning Network channels were created in 2022 than ever before.”

Bitcoin Magazine

What they said yesterday

Start small

Elon’s vision? 

The brass is interested

_______________________________________________

25/01/23

A brief resistance level that was forming around $23,000 seems to have given way, leaving Bitcoin at a still-strong $22,691 this morning. At the time of writing, the most valuable crypto is up 6.95% over the last week and in the green by 34.46% over a month. Ethereum has slipped by 4.24% since yesterday, trading for $1,551. The CoinDesk Market Index, a good indicator of the state of the general crypto market, has also shed 2.8% in the last day. 

Analysts say the pullback is likely due to traders taking profits following the rally.

NamePricePrice Change (24h)Price change (7 days)
Bitcoin (BTC)$22,691.83-0.68%+6.95%
Ethereum (ETH)$1,551.22-4.24%-1.63%
XRP (Ripple)$0.4073-3.76%+5.16%
Litecoin (LTC)$87.62-3.10%+1.10%
Bitcoin Cash (BCH)$129.25-4.34%+4.45%
Chainlink (LINK)$6.72-5.12%-0.47%
Uniswap (UNI)$6.32-5.45%-1.00%
Cardano(ADA)$0.3579-5.46%+3.29%
Solana(SOL)$23.13-5.76%+3.62%

Total crypto market cap

The total capitalisation of the entire cryptocurrency market this morning was $1.024 trillion.

What Bitcoin did yesterday

We closed yesterday – January 24 – at a price of $22,636. The daily high yesterday was $23,134, and the daily low was $22,549.

Bitcoin market capitalisation

Bitcoin’s market capitalisation this morning was $436.28 billion. To put it into context, the market cap of gold is $12.734 trillion and Tesla is $454.36 billion.

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $26,833 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 37.43%.

Fear and Greed Index

Market sentiment today is 51, in Neutral.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 44.65. Its lowest-ever recorded dominance was 37.09 on January 1 2018.

Relative Strength Index (RSI)

The daily RSI is currently 78.79. 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 value of Bitcoin will never be negative…It’s not an accident cryptocurrencies, that have some resemblance of [supply] control and mathematics correct, are doing reasonably well.”

Federal Reserve Former Chairman, Alan Greenspan

What they said yesterday

Another step towards mass adoption

A new challenger approaches

Time flies

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