Daily market update: "Grayscale Investments believes that the Bitcoin markets appear poised for a historic bull run"

Team Luno
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The world moves fast, but crypto moves faster. That's why we're here, every day, with all the metrics you need to help you decide whether you want to buy, sell, trade, or hodl.

 

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, 20 August 2020, at a price of $11,878.37 – with a daily high of $11,900.41 and a low of $11,710.06.

 

The closing price is up $120.09 from yesterday’s, which was $11,758.28. On the same day last year, Bitcoin closed at $10,763.23. As of today, buying bitcoin has been profitable for 97% of all days since 2013-04-28.

 

We’re 39.8% below Bitcoin‘s all-time high of $20,089 (17 December 2017).

 

Market capitalisation

 

Bitcoin’s market capitalisation as of yesterday was $219,350,310,326, up from $217,122,068,305 yesterday. To put that into context, Jeff Bezos’s net worth is $188,500,000,000, which means he could only buy 85.9% of all Bitcoin. You can’t have everything, Jeff!

 

Bitcoin volume

 

The volume traded yesterday was $20,175,242,945. That’s the lowest 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 60.87, down from 61.34 yesterday despite a drop in price as alts took a hit across the board. Its lowest recorded dominance was 37.09 on 8 January, 2018.

 

Fear and Greed Index

 

We’re back in the Extreme Greed zone, up from 75 to 81. 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 58.95. 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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