Daily market update: Bitcoin on track post-halving?

Team Luno
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3 minute read

There's two kinds of people in the world – people who have Bitcoin and people who don't. If you're in the first camp, here are all the latest crypto metrics so you can feel smug and maybe think about buying more. If you're in the latter camp, read it anyway to see what you're missing.

 

Also, if you’re new to the world of crypto trading, take a look through our beginner’s guide to crypto trading series, starring in-depth explorations of common strategiesmarket analysis techniques, and more.

 

The content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. Luno always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.

 

All information is correct as of 09:30am BST

 

Bitcoin price

We closed yesterday, 31 August 2020, at a price of $11,680.82 – with a daily high of $11,768.88 and a low of $11,598.32.

 

That’s down from $11,711.51 the day before. On the same date last year, the closing price was $9,630.66.

 

We’re 41.85% below bitcoin‘s all-time high of $20,089 (17 December 2017).

 

As of today, buying bitcoin has been profitable for...

 

96.3% of all days since 2013-04-28.

 

Bitcoin volume

 

The volume traded yesterday was $22,285,928,250 – up from $19,760,127,945 the day before.

 

Market capitalisation

 

Bitcoin’s market capitalisation as of yesterday was $215,817,677,822, down from $216,373,660,045 the day before. To put that into context, Jeff Bezos’s net worth is $196,000,000,000, which means he could only buy 90.81% of all Bitcoin. You can’t have everything, Jeff!

 

Fear and Greed Index

 

We’re still at 75 in the general Greed zone, the same as yesterday. Extreme fear can be a sign that investors are too worried, which could be a buying opportunity. When Investors are getting too greedy, that means the market may be due for a correction.

 

 

Volatility

 

Data courtesy of Into The Block

 

Daily active addresses

Data courtesy of Into The Block

 

Bitcoin’s market dominance

 

Bitcoin's market dominance stands at 69.60. Its lowest recorded dominance was 37.09 on 8 January, 2018.

 

Relative Strength Index (RSI)

 

The daily RSI is currently 58.69. Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience correction in price – an RSI reading of 30 or below indicates an oversold or undervalued condition.

 

Resistance and support

 

 

What they said yesterday…

 

 

 

 

 

 

What other data points would you like to see covered in our Daily Report? Let us know on Twitter.

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Team Luno

On our way to the moon, we write about all things crypto. And don’t forget we’re humans too. Our blog conveys the views of Luno and the many unique opinions and characters within our team. We’ll never provide you with financial advice, and we urge you to conduct your own research before purchasing or trading any cryptocurrencies. It’s a brave new world out there, and the market can be volatile at times, so never trade with funds you can’t afford to lose. Want to let us know how much you love our blog? Tweet us @lunomoney.

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