Daily market update: Is Bitcoin heading to $12k?
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
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).
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!
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…
— Tyler Winklevoss (@tylerwinklevoss) August 13, 2020
— Dave Portnoy (@stoolpresidente) August 14, 2020
#Bitcoin‘s market cap is currently ~2% of gold’s. One’s been around for 12 years, the other for 5,000 years.
What happens if the world decides BTC is 10% as good at storing value as gold? What would be the backdrop for that realization to occur? pic.twitter.com/cjjsc74yCA
— Travis Kling (@Travis_Kling) August 13, 2020
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