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Crypto markets maintain a steady course alongside the S&P 500

Bitcoin

A flat week in the crypto markets goes on, as Bitcoin continues to consolidate within a narrow range of $41-43k. The leading cryptocurrency’s price has again drifted slightly downwards today, dropping one per cent over the past 24 hours and three per cent over the past week. 

Currently, the S&P 500 still seems to be dictating the direction of Bitcoin and the overall crypto market, evident by correlations reaching new highs. Bitcoin’s 90-day correlation to the S&P 500 is currently at its highest since October 2020. Yesterday saw the S&P 500 shed 1.8 per cent.

The Fear and Greed Index that measures consumer sentiment generally continues to suggest that investors are fearful. The index increased slightly from the bottom of 10, reached on January 8, but has not managed to sustain momentum to a degree that suggests confidence has returned to the market. 

​​Where Bitcoin goes, the other major altcoins seem to follow. Ethereum has performed worse than Bitcoin in the past seven days, but the correlation is currently high. 

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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 $1,972,246,527,745 down from $2,006,814,994,705 yesterday.

What Bitcoin did yesterday

We closed yesterday, January 18 2022, at a price of $42,375.63, up from $42,250.55 the day before. The daily high yesterday was $42,534.40 and the daily low was $41,392.22.

This time last year, the price of Bitcoin closed the day at $36,069.81. In 2020, it closed at $8,706.25. 

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $790.6 billion. To put it into context, the market cap of gold is $11.519 trillion and Tesla is $1.034 trillion. 

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $22,913,463,253 up from $22,038,210,159 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 41.27%.

Fear and Greed Index

Market sentiment today is 24, in Extreme Fear.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 40.39. Its lowest ever recorded dominance was 37.09 on January 8 2018.

Relative Strength Index (RSI)

The daily RSI is currently 34.15. 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 mining is the cleanest, most efficient use of energy in the world.”

MicroStrategy CEO, Michael Saylor

What they said yesterday

Bitcoin, pushing the green effort…

Can you even see that orange sliver on your screen?

Adoption central…

Crypto AM: Editor’s picks

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.

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 Crypto markets maintain a steady course alongside the S&P 500 appeared first on CityAM.

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