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Bitcoin price holding above $20k, but its dominance over crypto market is falling

Bitcoin

It was a steady weekend in the crypto markets, with the price of bitcoin largely managing to hold above the $21k level. The largest cryptocurrency by market cap is changing hands for around $21,400 this morning, roughly flat over the past 24 hours and up three per cent since this time last week.

Investors continue to watch for signs that the global economy will pick up, particularly in regard to inflation. A revision in the University of Michigan’s widely-regarded, monthly consumer sentiment index (CSI) now shows expectations for inflation lower than first reported in May. Will lower inflation estimates help dampen more interest rate rises? 

Despite the apparent risk-off approach from investors, other major cryptocurrencies are generally outperforming Bitcoin at the moment. Bitcoin’s dominance reached an 11-month high of 48.36% on June 11, but its share of the overall crypto market cap has declined to 43.46% at the moment. The majority are in the red this morning though, with Ethereum down one per cent to around $1,230. 

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The Bitcoin Pioneers community, backed by Barry Silbert’s Digital Currency Group, was created to introduce Bitcoin to a mainstream audience in a meaningful way and now has members right across the UK.

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

Friday’s Crypto AM Daily in association with Luno

In the markets

The Bitcoin economy

*Definitions and insights can be found at https://bytetree.com/research 

Total crypto market cap

The total capitalisation of the entire cryptocurrency market at time of writing is currently $962 billion.

What Bitcoin did yesterday

We closed yesterday, June 26 2022, at a price of $21,027.30. The daily high yesterday was $21,783.72 and the daily low was $21,016.27.

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $409 billion. To put it into context, the market cap of gold is $11.694 trillion and Tesla is $763.66 billion. 

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $20,857 billion. 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 74.8%.

Fear and Greed Index

Market sentiment today is 12, in Extreme Fear.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 43.47. Its lowest ever recorded dominance was 37.09 on January 1 2018.

Relative Strength Index (RSI)

The daily RSI is currently 36.98. 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

“We must handle Bitcoin software with the same respect we handle nuclear reactor software.”

Hugo Nguyen, Founder of ​​Nunchuk

What they said yesterday

Knowledge is power

One book to rule them all

“Every country in the world can benefit from this open money network”

Crypto AM: Editor’s picks

Jamie Bartlett – on the trail of the missing ‘Cryptoqueen’

MPs are falling silent over potential of cryptocurrency

Erica’s ‘Crypto Wars’ handed honours in Business Book Awards

‘Let people invest’: Matt Hancock makes case for liberal crypto rules

Explained: Why the Treasury is so sold on stablecoins

Fears crypto is used to avoid sanctions ‘misplaced,’ says Matt Hancock

The cryptocurrency fundraisers behind Ukraine’s military effort

Crypto crazy couple name baby after favourite digital asset

Cryptocurrency-loving parents Bruno Karno and his wife Agatha have named their first-born Cardano in honour of their favourite crypto.

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.

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=742,489 742w, 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 price holding above $20k, but its dominance over crypto market is falling appeared first on CityAM.

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