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Bitcoin holds the line as it battles against market forces

Bitcoin

The price of Bitcoin has managed to hold above $42,000, after yesterday falling briefly below the psychologically important $40,000 level for the first time since September of last year. As in September, it rebounded almost immediately . At time of writing, the largest cryptocurrency by market cap was changing hands for $41,872. It’s still down nearly 10 per cent since this time last week, and more than 35 per cent down from the all-time high it saw in November. 

The alt markets are struggling a little more, as is historically the case when markets hit a bump. Ethereum is down another two per cent over the past 24 hours this morning, currently holding at just above $3,100. It’s down almost 20 per cent over the past seven days. Solana (SOL), Polkadot (DOT) and Cardano (ADA) are also all down around 20 per cent over the past week.

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All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻

Yesterday’s Crypto AM Daily in association with Luno

price of Bitcoin

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 $1,954,659,246,584 down from $1,978,270,061,030 yesterday.

What Bitcoin did yesterday

We closed yesterday, January 10 2022, at a price of $41,821.26, down from $41,911.60 the day before. The daily high yesterday was $42,199.49 and the daily low was $39,796.57.

This time last year, the price of Bitcoin closed the day at $35,566.66. In 2020, it closed at $8,166.55. 

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $796 billion. To put it into context, the market cap of gold is $11.476 trillion and Tesla is $1.062 trillion. 

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $33,374,369,519 up from $21,001,790,399 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 42.4%.

Fear and Greed Index

Market sentiment today is 21, in Extreme Fear.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 40.83. Its lowest ever recorded dominance was 37.09 on January 8 2018.

Relative Strength Index (RSI)

The daily RSI is currently 30.97. 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. 

Convince your Nan: Soundbite of the day

“Bitcoin is the only economic entity where the supply is unaffected by the demand.”

Legendary investor and self-confessed Bitcoin bull, Bill Miller.

What they said yesterday

In it for the long game…

​​https://twitter.com/saquon/status/1480738426236375041

Greener than gold…

We miss you, Hal! You made history that day…

Crypto AM: Editor’s picks

Bitcoin hashrate touches new all time high

Bitcoin mining company - Illustrations of Cryptocurrency

Peter McCormack: Transforming Bedford FC into a global Bitcoin brand

In an interview with Crypto AM, Bitcoin investor and podcaster Peter McCormack opens up about his purchase of Bedford FC.

Exclusive: FTSE plots development of digital asset index in crypto push

FTSE Continues To Fall Amid Growing Concerns Over Recession
(Photo by Lionel Healing/Getty Images)

Crypto could give London a unique post-Brexit advantage, says Hammond

This image has an empty alt attribute; its file name is 001-philip-hammond-cutout-57ed5191a2921-57ed5191b2a36.jpg
https://www.cityam.com/crypto-could-give-london-a-unique-post-brexit-advantage-says-hammond/

Diamond claws: Crypto trading hamster dies after standout investing career

The first hamster to become a crypto investment guru, Mr Goxx, has died of unknown causes.

New cryptocurrency named ‘JRR Token’ blocked by lawyers for Lord of the Rings creator Tolkien

This image has an empty alt attribute; its file name is ring-g1445cfd83_1920.jpg

El Salvador to build Bitcoin city at base of volcano

Bitcoin city

Crypto AM: Features 

Crypto AM: Founders Series 

https://www.cityam.com/profile/crypto-am-founders-series/

Crypto AM: Industry Voices 

.jpg?w=960″ alt=”Changpeng ‘CZ’ Zhao, CEO of ” class=”wp-image-1741072″ srcset=”https://www.cityam.com/wp-content/uploads/2021/07/CZ-.jpg 1363w, https://www.cityam.com/wp-content/uploads/2021/07/CZ-.jpg?resize=630,416 630w, https://www.cityam.com/wp-content/uploads/2021/07/CZ-.jpg?resize=768,507 768w, https://www.cityam.com/wp-content/uploads/2021/07/CZ-.jpg?resize=960,633 960w, https://www.cityam.com/wp-content/uploads/2021/07/CZ-.jpg?resize=1119,738 1119w, https://www.cityam.com/wp-content/uploads/2021/07/CZ-.jpg?resize=304,201 304w, https://www.cityam.com/wp-content/uploads/2021/07/CZ-.jpg?resize=76,50 76w” sizes=”(max-width: 1363px) 100vw, 1363px”>

Crypto AM: Contributors 

Crypto AM: In Conversation with James Bowater

Charles Hoskinson and James Bowater landscape

Crypto AM: Tomorrow’s Money with Gavin S Brown

Tomorrow's Money with Gavin S Brown

Crypto AM: Mixing in the Metaverse with Dr Chris Kacher

Dr Chris Kacher Mixing in the Metaverse

Crypto AM: Visions of the Future, Past & Present with Alex Lightman 

Alex Lightman Visions of the future, past and present

Crypto AM: Tiptoe through the Crypto with Monty Munford 

Monty Munford robbed out header

Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry

Jonny Fry Taking a Byte out of Digital Assets

Crypto on the catwalk

Stefania Barbaglio Crypto on the Catwalk

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

The post Bitcoin holds the line as it battles against market forces appeared first on CityAM.

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