Tuesday January 19, 2021 10:36 a.m.
Crypto at a glance
It’s been a relatively quiet week so far for Bitcoin, which for the time being seems lucky to be somewhere between $ 35,000 and $ 37,000. The really big and mega-exciting news today is Ethereum, which finally seems to rise to the long-awaited new all-time high (set in the heady days of January 2018). Is today finally the day when the seal breaks? If it breaks, where does it go from here?
The switch comes just days after Grayscale CEO Michael Sonnenshein tweeted that institutional investors are increasingly showing interest in diversifying their investments into other crypto assets as well. Could this be part of the cause and what could it mean for other alts?
In general, in the run-up to Christmas, there has been a lot of talk about institutional money finally arriving for crypto, but the numbers we’re seeing this year make even that seem like little fish. Yesterday, Grayscale bought around $ 590 million in Bitcoin, while the digital asset manager spent a massive $ 700 million in a single day last week – most of it on behalf of institutional investors. That’s an increase of around $ 250 million a week on average in the fourth quarter of last year. Meanwhile, CoinShares, which claims to be the largest digital asset manager in Europe, launched its new Physical Bitcoin ETP (BTC) yesterday and has already attracted $ 200 million in assets. Is this just the beginning? What does institutional investment mean for the traditional market cycles of the past 13 years?
In the markets
What Bitcoin did yesterday
We got yesterday, January 18, 2020, for the price of. closed $ 36,630.08 – after $ 35,791.28 the previous day. It’s now been 17 days since Bitcoin was last below $ 30,000 and 33 since it was below $ 20,000.
The daily high was $ 37,299.29 yesterday and the daily low was $ 34,883.84.
Around this time last year, Bitcoin price closed the day at $ 8,942.81. In 2019 it was $ 3,657.84.
To date, buying Bitcoin is profitable for …
99.9% every day since April 28, 2013.
Bitcoin market capitalization
Bitcoin’s market capitalization is currently $ 695,369,116,592, from $ 670,715,099,323 yesterday. That means Bitcoin is still outside the top 10 assets by market cap, which is sad, but we assume we’ll be alive. The market capitalization of gold is currently $ 11.703 trillion. Slowly but surely.
Bitcoin volume
The volume traded in the last 24 hours was $ 56,296,149,855, down from $ 52,911,226,655 yesterday. High volumes may indicate that any significant price move has stronger support and is more likely to be sustained.
volatility
Bitcoin’s price volatility over the past 30 days is 90.7%.
Fear and greed index
The Fear and Greed Index remains in Extreme Greed at 80. That may have been yesterday and still in Extreme Greed, but now it seems like we are in a period of prolonged cooling. This may be a good thing after the winter hot streak, as the index typically doesn’t stay at this high level for long before a correction. The last time outside of Extreme Greed was on November 5th, 2020.
Bitcoin’s market dominance
Despite Ethereum’s pump, Bitcoin’s market dominance is still high 66.17. The lowest dominance ever recorded was 37.09 on January 8, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 62.26. A reading of 70 or above indicates that an asset is being overbought and may be prepared for a reversal or price correction – an RSI of 30 or below indicates an oversold or undervalued condition.
Google trends
The trend of Google searches over the past 90 days. Google displays this graph on a relative basis with a maximum score of 100 on the day the most Google searches were made for that keyword. The latest result is 49 – recorded on January 16.
Convince your Nan: Soundbite of the day
“Bitcoin is the dominant digital currency network. The next billion members will pay trillions to join. You might want to join first. “
- Michael Saylor, CEO of MicroStrategy and Bitcoin rate machine
What they said yesterday …
Want to know what was embedded on the $ 666,666 bill? What about the 666.666. Gold bar? Nothing at all. Because they’re boring.
Don’t let Grayscale take it all for yourself
The way can be long …
https://twitter.com/TheCryptoDog/status/1351228692639444994
… but it could happen
The daily transaction volume of Ethereum is developing parabolically.
It now processes $ 12 billion in transactions every day – $ 3 billion more than Bitcoin.
Imagine not being bullish, $ ETH. pic.twitter.com/3NfOz1ruiM
– Ryan Watkins (@RyanWatkins_) January 19, 2021
Crypto AM: Longer reads
Crypto AM: Market View in collaboration with Ziglu
Crypto AM: Technically speaking, in collaboration with Zumo
Crypto AM: Talking Legal in collaboration with INX
Crypto AM throws its spotlight on Trade the Chain
Crypto AM: focus on regulation
Crypto AM: Deeper Dives with Liam Roche
Crypto AM: A Trader’s View with TMG
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Definitely DeFi
Warning notices
It is certainly tempting to get carried away with the excitement, but please heed this warning: do your own research, invest only what you can afford, and make good decisions. Hopefully the indicators included in this article will help with that. However, do not forget The content of this article is for informational purposes only and does not constitute investment advice or any form of recommendation or invitation. City AM, Crypto AM and Luno always advise you to seek your own independent financial advice before investing or trading in cryptocurrency.
All information is correct as of 08:30 GMT.
Crypto AM Daily in collaboration with Luno
Similar tagged content:
Sections
Comments are closed.