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

by Team Luno
· 2 minute read

The world moves fast, but crypto moves faster. That’s why we’re here, every day, with all the metrics you need to help you decide whether you want to buy, sell, trade, or hodl.

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The content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. Luno always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.

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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