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