Daily market update: "Bitcoin’s stock-to-flow will eclipse that of gold following the next halving (2024)"

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Welcome back! It's Monday so we won't waffle on – here's your roundup of all the Bitcoin metrics that matter for your perusal.

 

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.

 

Bitcoin price

 

We closed yesterday, 23 August 2020, at a price of $11,664.85 – with a daily high of $11,713.43 and a low of $11,559.92.

 

On the same day last year, the closing price was $10,407.97 and a year before that for $6,534.88. On 23 August, 2017, it was $4,151.52 and 2016 it was $583.41.

 

We’re 41.34% below Bitcoin‘s all-time high of $20,089 (17 December 2017).

 

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

 

96.4% of all days since 2013-04-28.

 

Market capitalisation

 

Bitcoin’s market capitalisation as of yesterday was $215,439,967,321, down from $215,742,068,895 the day before. To put that into context, Jeff Bezos’s net worth is $188,500,000,000, which means he could only buy 87.5% of all Bitcoin. You can’t have everything, Jeff!

 

Bitcoin volume

 

The volume traded yesterday was $18,482,062,658. That’s the lowests it’s been since 9 August 2020.

 

To put that into context, the highest ever 24-hour volume is $53,060,690,000, last year’s high was $29,060,690,000, and last year’s average was $15,060,690,000.

 

Bitcoin’s market dominance

 

Bitcoin's market dominance stands at 61.16. Its lowest recorded dominance was 37.09 on 8 January, 2018.

 

Fear and Greed Index

 

We’re still in the Extreme Greed zone, at 78. That means we’ve only spent 7 days this month outside the Extreme Greed zone. 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.

 

 

Relative Strength Index (RSI)

 

The daily RSI is currently 57.08. 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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