Daily market update: Is Bitcoin heading to $12k?

by Team Luno
· 2 minute read

Welcome back! It’s Friday! And what better way to let your hair down than with another daily update of all Bitcoin’s latest market machinations, featuring price movements, volume, the fear and greed index, AND MORE.

If you’re new to the world of crypto trading, take a look through our beginner’s guide to crypto trading series, starring in-depth explorations of common strategies, market analysis techniques, AND MORE.

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.

All information is correct as of 08:00 BST

Bitcoin price

We closed yesterday, 13 August 2020, at a price of $11,784.14 – with a daily high of $11,796.40 and a low of $11,216.87.

That’s the highest closing price since 10 August 2020 and the second highest in the past year.

We’re still 40.55% below Bitcoin‘s all-time high of $20,089 (17 December 2017).

Market capitalisation

Bitcoin’s market capitalisation as of yesterday was $217,534,728,413. To put that into context, Jeff Bezos’s net worth is $188,500,000,000, which means he could only buy 86.65% of all Bitcoin. You can’t have everything, Jeff!

Bitcoin volume

The total volume traded yesterday was $27,522,199,497. That’s the highest it’s been since 28 July 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 61.00% – the lowest it’s been since 17 July 2019. Is alt season here?

Fear and Greed Index

We’re back in Extreme Greed at 78 – up 3 points from yesterday and 1 above last week’s average. 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 62.71. 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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