Bitcoin back above $40k as crypto correlation grows
The crypto markets are looking a little perkier today, with the price of Bitcoin (BTC), the world’s largest cryptocurrency by market capitalisation, briefly breaking above the $41,000 mark this morning. Bitcoin is currently trading at just below $40k, up three per cent over the past 24 hours.
The uptick comes ahead of today’s announcement by the US central bank that the Fed will raise interest rates by 25 basis points, which many analysts suggest is lower than has been priced in by investors in major cryptocurrencies.
Other major cryptocurrencies have also risen today. Correlation in the crypto markets is nearing all-time highs, with both Bitcoin’s correlation to Ether and the broad crypto market having seen a steady rise over the last few months. On Monday, the BTC-ETH correlation sat at 0.90 – close to its all-time high of 0.95 from May 2020.
So far this year, the correlation between BTC and ETH has grown from 0.78 to 0.9. This suggests a prevailing risk-averse sentiment in the crypto market and a low desire to diversify into altcoins at the moment – particularly compared to last year.
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Yesterday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
*Definitions and insights can be found at https://bytetree.com/insights/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1.749 trillion, up from $1.724 trillion yesterday.
What Bitcoin did yesterday
We closed yesterday, March 15 2022, at a price of $39,338.79, down from $39,666.76 the day before. The daily high yesterday was $39,794.63 and the daily low was $38,310.21.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $750.09 billion yesterday. To put it into context, the market cap of gold is $12.169 trillion and Tesla is $860.09 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $32.318, billion, up from $23.874 billion the day before. 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 62.78%.
Fear and Greed Index
Market sentiment today is 24, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.53. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 50.95. 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.
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Crypto AM: Events
For those of you who missed the Crypto AM DeFi & Digital Inclusion online summit 2021 – you can now watch the event in two parts via YouTube
Part One
https://www.youtube.com/watch?v=dvqNMNZTIDE
Part Two
https://www.youtube.com/watch?v=WXhX_-Tr5j0
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 08:00 BST