It’s retail traders, Jim, but not as you know it!
Crypto at a Glance
If Bitcoin is f*ck you money, does that make GameStop a f*ck you stock? All eyes this week have been on Reddit traders, who have arrived at the blackjack tables fully armed with their sacks of pennies and battered old card counting books, ready to bankrupt the casino through sheer numbers and cunning. Cryptocurrency has been turning monkeys into millionaires for a while, but it’s nice to have a bit of company at the table. Is this the lesson that Wall Street has been waiting for? If you’re looking for a more secure investment, Melvin, come and check out Bitcoin.
It seems that all the excitement has distracted everyone from the crypto markets somewhat, which has been plodding along pretty serenely by all accounts. Bitcoin continues to trade in that valley between $30k-$35k, while Ethereum is still hovering just below that $1300 mark. In the spirit of the week, only Doge is making a real impact and is up over 40% in the last 24 hours. With everyone busy trading nostalgia stocks, how will we end the week?
In the Markets
The Bitcoin Economy
What bitcoin did yesterday
We closed yesterday, 27 January, 2020, at a price of $30,432.55 – down from $32,569.85 the day before. That’s the fourth green candle day in a row, although these incremental climbs are very restrained for Bitcoin.
The daily high yesterday was $32,564.03 and the daily low was $29,367.14.
This time last year, the price of bitcoin closed the day at $8,909.82. In 2019, it was $3,583.97.
As of today, buying bitcoin has been profitable for…
99.9% of all days since 2013-04-28.
Bitcoin market capitalisation
Bitcoin’s market capitalisation is currently , up from $592,257,167,594. It’s back above the Taiwanese Semiconductor guys, but there’s quite a bit of air until we’re back up there with the likes of Facebook and Tesla again. The market cap of gold today is $11.721 trillion.
Bitcoin volume
The volume traded over the last 24 hours was $67,576,798,880, up from $57,788,042,739 yesterday. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.
Volatility
The price volatility of bitcoin over the last 30 days is 97.75%.
Fear and Greed Index
The sentiment Index has dropped back into boring-old Greed, down from 78 to 55. After months in Extreme Greed, it’s been a turbulent week for sentiment, which has been flung from 78 to 40 and back again. It seems the market is still figuring out where it wants to go next, though it’s important to note that Greed is still a bullish indicator.
Bitcoin’s market dominance
Bitcoin’s market dominance is currently 63.51. Its lowest ever recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 45.24. Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price – an RSI reading of 30 or below indicates an oversold or undervalued condition.
Google trends
The trend in Google searches over the last 90 days. Google shows this chart on a relative basis with a max score of 100 on the day that had the most Google searches for that keyword. The latest score is 36– taken from 25 January.
Convince your Nan: Soundbite of the day
“When I first heard about Bitcoin, I thought it was impossible. How can you have a purely digital currency? Can’t I just copy your hard drive and have your bitcoins? I didn’t understand how that could be done, and then I looked into it and it was brilliant.”
- Jeff Garzik, CEO of Bloq
What they said yesterday…
Congratulations to Miami
The energy is definitely with the retail traders
Charles Hoskinson weighs in
True
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Crypto AM: Recommended Events
The Davos Agenda
25 – 29 January 2021 – Virtual
https://www.weforum.org/events/the-davos-agenda-2021
6th Edition Global Blockchain Conference
9 February 2021 – Dubai
https://agoragroup.ae/events/global_blockchain_congress_6th_edition
Global DeFi Conference
10 February 2021 – Dubai
https://agoragroup.ae/events/global_defi_congress%20
CC Forum
Global Investment in Sustainable Development
3 – 4 March 2021 – Dubai
Global Technology Governance Summit
6 – 7 April 2021 – Tokyo
https://www.weforum.org/events/global-technology-governance-summit-2021
Cautionary Notes
It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. City AM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.
All information is correct as of 08:30am GMT.
Crypto AM Daily in association with Luno
