Daily market update: Bitcoin falls back into ‘Greed’ zone
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All information is correct as of 09:00 BST
We closed yesterday, 19 August 2020, at a price of $11,758.28 – with a daily high of $12,028.92 and a low of $11,687.33.
The closing price was the lowest it’s been since 12 August 2019, when Bitcoin closed at $11,584.93. On the same day last year, Bitcoin closed at $10,916.05.
We’re still 40.3% below Bitcoin‘s all-time high of $20,089 (17 December 2017).
Bitcoin’s market capitalisation as of yesterday was $217,122,068,305, down from $221,413,097,553 yesterday. To put that into context, Jeff Bezos’s net worth is $188,500,000,000, which means he could only buy 86.8% of all Bitcoin. You can’t have everything, Jeff!
The volume traded yesterday was $24,502,851,117. That’s the lowests it’s been since 16 August 2020.
To put that into context, the highest ever 24-hour volume is $53,060,690,000, last year’s high was $29,060,690,000, and last year’s average was $15,060,690,000.
Bitcoin’s market dominance
Bitcoin’s market dominance stands at 61.34, up again from 61.26 yesterday despite a drop in price as alts took a hit across the board. Its lowest recorded dominance was 37.09 on 8 January, 2018.
Fear and Greed Index
We’re fallen out of the Extreme Greed zone for the first time in a while, down to 75. This is to be expected, as the run in Extreme Greed was unprecedented. The question now is, which way is it going next? Extreme fear can be a sign that investors are too worried, which could be a buying opportunity. When Investors are getting too greedy, that means the market may be due for a correction.
Relative Strength Index (RSI)
The daily RSI is currently 56.91. Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience correction in price. – an RSI reading of 30 or below indicates an oversold or undervalued condition.
Resistance and Support
What they said yesterday..
If you invested 23 cents into bitcoin when it first came out you would have 997.4 million dollars
— code e (@ihatecodee) August 19, 2020
The United States has over $26 trillion in national debt. And Bitcoin is scary? ?
— BlockFi (@TheRealBlockFi) August 19, 2020
Graffiti in Paris R.I.P Banking System #Bitcoin is here pic.twitter.com/xvQyW3ba70
— Elja?oom? (@Eljaboom) August 20, 2020
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