Daily market update: Seminal day for crypto sees Bitcoin hit $65k

Team Luno
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9 minute read

 

It was a seminal day for cryptocurrency yesterday, with Coinbase becoming the largest business of its kind to list on the Nasdaq. It opened shares at $381 – a steep increase on the $250 reference price. And it only grew from there, rising as high as $429 in its first few minutes of trading before stabilising. It’s currently trading at $328.28, with a market cap of $87 billion at time of writing. This makes it bigger than BP and General Motors.

 

This is a huge moment for crypto, bringing the kind of legitimacy and visibility to the space that many have been waiting for. At $87 billion, its market cap is a lot higher than many major banks – including Barclays, which actually blocked Coinbase not too long ago. This is not an inflated valuation. It shows the promise of cryptocurrency and the belief in its potential, but also that we are still in the early stages. The huge appetite among institutional investors for anything and everything to do with crypto shows the belief that we’re still at the beginning of this, and that there’s lots more to come.

 

This was also reflected in the cryptocurrency markets, with the price of Bitcoin soaring to a record of $65k in the hours before the listing. It has since dropped back to just below $63k, corresponding with a similar drop for Coinbase – suggesting a to-and-fro relationship that could continue into the future? It was a similar story down the ranks too, with only Ethereum really holding its gains from yesterday. The second-largest cryptocurrency is up 2% in the last 24 hours and changing hands at around $2,450. XRP is down 10%, but still up 75% on the week.

 

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 08:30am GMT.

 

Crypto markets at a glance

 

 

Total crypto market cap

 

The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,230,550,604,862, up from $2,254,752,578,166 yesterday.

 

What bitcoin did yesterday

 

We closed yesterday, 14 April, 2021, at a price of $63,109.70 – down from $63,503.46 the day before.

 

The daily high yesterday was $64,863.10 and the daily low was $61,554.80.

 

This time last year, the price of bitcoin closed the day at $6,842.43. In 2019, it closed at $5,167.72.

 

Bitcoin market capitalisation

 

Bitcoin’s market capitalisation at time of writing is $1.175 trillion, down from $1.204 trillion yesterday. To put that into context, the market cap of gold is $11.095 trillion and Alphabet (Google) is $1.516 trillion.

 

Bitcoin volume

 

The total spot trading volume reported by all exchanges over the last 24 hours was $74,622,762,225, up from $74,815,037,858 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 40.47%.

 

Fear and Greed Index

 

Market sentiment remains in Greed at 79.

 

 

Bitcoin’s market dominance

 

Bitcoin's market dominance today is 54.10. Its lowest ever recorded dominance was 37.09 on 8 January, 2018.

 

Relative Strength Index (RSI)

 

The daily RSI is currently 66.19. 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

 

“Those who regulate ... those who are in Government that make policy better start understanding what it means for the future because other countries are moving forward especially China. I want the next century to be ours. I do not want America to fall behind.”

 

- Congressman Kevin McCarthy (R-TX) on government involvement in crypto

 

What they said yesterday…

 

A seminal moment

 

 

Saylor speaks

 

 

Though not everyone’s impressed

 

 

Not just bitcoin that’s celebrating

 

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14/4/2021

It’s a sea of green today as the Good Ship Cryptocurrency pulls into all-time high city. The fuse has been lit and we are at the show. Where will it go? Nobody knows.

 

Bitcoin is back in uncharted territory, soaring to almost $65,000 this morning. It’s now been trading hands at over $60,000 for 4 days in a row and looks to be establishing that level as support. It’s up over 6% over the last 24 hours and 11% in the last week. Is there still more to come from the leading cryptocurrency?

 

Bitcoin is back in uncharted territory, soaring to almost $65,000 this morning. It’s now been trading hands at over $60,000 for 4 days in a row and looks to be establishing that level as support. It’s up over 6% over the last 24 hours and 11% in the last week. Is there still more to come from the leading cryptocurrency?

 

There are gains across the board today, though. Bitcoin’s market dominance has actually slipped to 54% despite its recent rise as other coins also show strength, with the total cryptocurrency market capitalisation now sitting at over $2.2 trillion. The second-largest cryptocurrency, Ethereum (ETH) has also set a new all-time high of almost $2,400. Can it hit $2,500 today, having only just established itself over the important psychological level of $2,000 just this weekend? It’s now the 36th largest asset in the world, outstripping the likes of Netflix and Adobe. It wasn’t even in the top 100 at the turn of the year.

 

As the price soars, it’s easy to get carried away. Don’t. Only invest what you can afford to lose, do your own research, and don’t give your money to strangers to ‘invest’ for you.

 

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 08:30am GMT.

 

Crypto markets at a glance

 

 

Total crypto market cap

 

The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,254,752,578,166, down slightly from $2,096,292,465,523 yesterday.

 

What bitcoin did yesterday

 

We closed yesterday, 13 April, 2021, at a price of $63,503.46 – up from $59,893.45 the day before.

 

The daily high yesterday was $63,742.28 and the daily low was $59,869.96.

 

This time last year, the price of bitcoin closed the day at $6,845.04. In 2019, it closed at $5,096.59.

 

Bitcoin market capitalisation

 

Bitcoin’s market capitalisation at time of writing is $1.204 trillion, up from $1.136 trillion yesterday. To put that into context, the market cap of gold is $11.092 trillion and Alphabet (Google) is $1.525 trillion.

 

Bitcoin volume

 

The total spot trading volume reported by all exchanges over the last 24 hours was $74,815,037,858, up from $54,619,615,948 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 44.5%.

 

Fear and Greed Index

 

Market sentiment remains in Greed at 75.

 

 

Bitcoin’s market dominance

 

Bitcoin's market dominance today is 54.78. Its lowest ever recorded dominance was 37.09 on 8 January, 2018.

 

Relative Strength Index (RSI)

 

The daily RSI is currently 70.50. 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

 

“With a sharp debasement of fiat currencies, investors are increasingly losing confidence in savings and are rapidly waking up to the fact that bitcoin is better at being gold than gold. There are many reasons for this. As a digital asset, bitcoin is cost-effective and easier to access than gold in a vault, which leaves investors at the mercy of rising real interest rates. Additionally, bitcoin allows direct access to its owners without dependency on intermediaries like administrators or asset managers, potentially in different jurisdictions.”

 

- Stephen Kelso, head of capital markets at ITI Capital

 

What they said yesterday…

 

An excellent question

 

 

Oh no, there’s two of them now

 

 

Time for governments to worry?

 

 

Or maybe they should just buy

 

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

13/4/2021

What do the Sacramento Kings, Southampton FC, the MicroStrategy Board, TIME Magazine, and Mad Money host Jim Cramer have in common? They’re all part of this week’s most bullish trend – getting paid in Bitcoin. Is this the beginning of a new wave of retail and institutional investment?

 

The push for salaries to be paid in Bitcoin comes as the leading cryptocurrency continues to trade at over $60,000–this morning setting a brand, spanking new all-time high of over $62,000. It’s now held its market cap of over $1 trillion for more than 10 consecutive days. Will we ever see 9 digit Bitcoin again?

 

This week’s bullishness is brought to you courtesy of a number of factors that likely includes the impending Coinbase listing. It’s been widely speculated that the US exchange’s direct stock listing tomorrow and the mainstream press coverage it brings is driving a number of newbie investors to put money into cryptocurrencies. Is this a watershed moment, or driving a temporary boost?

 

It’s a similar story everywhere today, with Ether hitting a new all-time high price at $2,199.87 during trading hours in Asia. XRP also continues to trade high, currently changing hands at around $1.60–up another 13% since yesterday morning.

 

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 08:30am GMT.

 

Crypto markets at a glance

 

 

Total crypto market cap

 

The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,096,292,465,523, down slightly from $2,104,472,283,297 yesterday.

 

What bitcoin did yesterday

 

We closed yesterday, 12 April, 2021, at a price of $59,893.45 – down from $60,204.96 the day before.

 

The daily high yesterday was $61,253.04 and the daily low was $59,589.87.

 

This time last year, the price of bitcoin closed the day at $6,971.09. In 2019, it closed at $5,089.54.

 

Bitcoin market capitalisation

 

Bitcoin’s market capitalisation at time of writing is $1.136 trillion, down from $1.140 trillion yesterday. To put that into context, the market cap of gold is $10.949 trillion and Alphabet (Google) is $1.515 trillion.

 

Bitcoin volume

 

The total spot trading volume reported by all exchanges over the last 24 hours was $54,619,615,948, up from $46,266,680,404 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 45.7%.

 

Fear and Greed Index

 

Market sentiment remains in Greed at 74.

 

 

Bitcoin’s market dominance

 

Bitcoin's market dominance today is 55.73. Its lowest ever recorded dominance was 37.09 on 8 January, 2018.

 

Relative Strength Index (RSI)

 

The daily RSI is currently 63.03. 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

 

“I think it is a store of value. I think this is a $2 trillion market cap maybe going to $3 trillion."

 

Jim Cramer, Host of CNBC’s Mad Money

 

What they said yesterday…

 

MicroStrategy’s macro strategy

 

 

A clarion call for 2021

 

 

Coin of the year

 

 

*Not financial advice. They’ve been right before though.

 

Avatar Team Luno
Author

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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