Daily market update: “Grayscale Investments believes that the Bitcoin markets appear poised for a historic bull run”

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Bitcoin price

We closed yesterday, 20 August 2020, at a price of $11,878.37 – with a daily high of $11,900.41 and a low of $11,710.06.

The closing price is up $120.09 from yesterday’s, which was $11,758.28. On the same day last year, Bitcoin closed at $10,763.23. As of today, buying bitcoin has been profitable for 97% of all days since 2013-04-28.

We’re 39.8% below Bitcoin‘s all-time high of $20,089 (17 December 2017).

Market capitalisation

Bitcoin’s market capitalisation as of yesterday was $219,350,310,326, up from $217,122,068,305 yesterday. To put that into context, Jeff Bezos’s net worth is $188,500,000,000, which means he could only buy 85.9% of all Bitcoin. You can’t have everything, Jeff!

Bitcoin volume

The volume traded yesterday was $20,175,242,945. That’s the lowest it’s been since 9 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 60.87, down from 61.34 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 back in the Extreme Greed zone, up from 75 to 81. 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 58.95. 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…

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