Daily market update: Bitcoin eyes up $40k

Team Luno
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It was a weekend of mixed signals for Bitcoin. There was FUD from Christine Lagarde and persisting rumours surrounding the negative impact of Tether, but there were also a host of financial industry grandees and politicians lining up to declare themselves converts. Even former Chief Economist of the World Bank, Larry Summers seems to have come round. And can the IMF really afford to start ignoring Twitter polls? Especially when they’re so resounding.

 

In the markets, Bitcoin also doesn’t quite seem to know what to do with itself at the moment, continuing to hover around the $36k mark. Is this a pivotal week? Does Bitcoin need to break $40k again to continue its march forward, or is it happy chilling and accumulating, getting ready for another breakout?

 

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

 

What bitcoin did yesterday

 

We closed yesterday, 17 January, 2020, at a price of $35,791.28 – down from $36,178.14 the day before. It’s now 16 days since the price of bitcoin was last below $30,000 and 32 since it was below $20,000.

 

The daily high yesterday was $36,722.35 and the daily low was $34,069.32.

 

This time last year, the price of bitcoin closed the day at $8,929.04. In 2019, it was $3,678.56.

 

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

 

99.9% of all days since 2013-04-28.

 

Bitcoin market capitalisation

 

Bitcoin’s market capitalisation is currently $670,715,099,323. That puts Bitcoin back below Facebook and again outside the top 10 assets by market cap. To put that number into context, gold’s market cap is currently $11.653 trillion – over 17 times bigger than Bitcoin’s. Which leaves a lot of room for growth.

 

Bitcoin volume

 

The volume traded over the last 24 hours was $52,911,226,655. 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 90.7%.

 

Fear and Greed Index

 

The Fear and Greed Index is at 79 again. The last time we were outside Extreme Greed was 5 November 2020. It’s important to remember that the index doesn’t usually stay this high for very long and this could mean a correction is on the cards, so be vigilant.

 

 

Bitcoin’s market dominance

 

Bitcoin's market dominance stands at 67.02. Its lowest ever recorded dominance was 37.09 on 8 January, 2018.

 

Relative Strength Index (RSI)

 

The daily RSI is currently 59.49. 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.

 

Google trends

 

The trend in Google searches over the last 90 days. Google shows this chart on a relative basis with a max score of 100 on the day that had the most Google searches for that keyword. The latest score is 57 – taken from 15 January.

 

 

Convince your Nan: Soundbite of the day

 

“I think that bitcoin (and some other digital currencies) have over the last ten years established themselves as interesting gold-like asset alternatives.”

Ray Dalio, Hedge fund manager and Founder of Bridgewater Associates

 

What they said yesterday…

 

The results are in. Hopefully the IMF listens

 

 

Generally, the establishment really seems to have come round this weekend

 

 

And again

 

 

Maybe this guy said it best though...

 

 

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15/1/2021

 

Bitcoin came back within striking distance of $40,000 again yesterday and has now recouped most of its losses from the dip earlier this week. Ether is also deep into its recovery and is now back over $1,200. There have been a number of reasons posited for the retrace and subsequent recovery, and it’s likely that a large part of it was simply the natural ebbs of flows of the bull market. The rebound does, however, also correspond with Grayscale reopening its services to new investors on 13 January, Joe Biden announcing his stimulus plans, and Lindsay Lohan giving her punchy $100,000 prediction on Cameo. What do you reckon – part of the cycle or another factor from this snowstorm of bullishness? It was probably Lohan, right? Like a sheep with alopecia, there’s no wool over our eyes.

 

 

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

 

 

What bitcoin did yesterday

 

We closed yesterday, 14 January, 2020, at a price of $39,187.33 – up from $37,316.36 the day before. That’s the highest closing price since last Saturday. It’s now 13 days since the price of bitcoin was last below $30,000 and 29 since it was below $20,000.

 

The daily high yesterday was $39,966.41 and the daily low was $36,868.56.

 

This time last year, the price of bitcoin closed the day at $8,827.76. That’s a year-on-year increase of 344%. In 2019, it was $3,706.05.

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

 

99.9% of all days since 2013-04-28.

 

Bitcoin market capitalisation

 

Bitcoin’s market capitalisation is currently $712,625,057,092, down from $716,091,190,477 yesterday. That means Bitcoin currently has a higher market cap than Facebook, which is at $699.65 billion at the moment. Tesla is at $800.97 billion. Start your engines.

 

Bitcoin volume

 

The volume traded over the last 24 hours was $63,585,852,414, down from $65,207,628,346 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 90.54%.

 

Fear and Greed Index

 

The Fear and Greed Index is back up to 88 today after a couple of days in the doldrums of slightly-lower Extreme Greed. It’s important to remember that the index doesn’t usually stay this high for very long and this could mean a correction is on the cards, so be vigilant.

 

 

Bitcoin’s market dominance

 

Bitcoin's market dominance stands at 68.94. Its lowest ever recorded dominance was 37.09 on 8 January, 2018.

 

Relative Strength Index (RSI)

 

The daily RSI is currently 66.81. 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.

 

Google trends

 

The trend in Google searches over the last 90 days. Google shows this chart on a relative basis with a max score of 100 on the day that had the most Google searches for that keyword. The latest score is 73 – taken from 12 January.

 

 

Convince your Nan: Soundbite of the day

 

"In the case of U.S. currency, inflation is baked into the Federal Reserve's plan for the U.S. dollar. So it's no wonder that our buying power is eroded [...] That will not be the case with bitcoin. Bitcoin provides a more stable value to people who are either saving now to live comfortably in the future but also people who are on fixed income or approaching fixed income now."

Cynthia Lummis, US Senator from Wyoming

 

What they said yesterday…

 

News of Biden’s proposed stimulus package draws a mixed response…

 

 

Thanks, Christine!

 

 

Supply and demand

 

 

Coming soon on bumper stickers across the land

 

 

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

14/1/2021

 

Was that the dip? It seems reports of Bitcoin’s demise have been, once again, greatly exaggerated. The price of bitcoin is now back at $38,000 and the total cryptocurrency market cap is above $1 trillion again. The sun is shining, the birds are singing in the trees, and the chemical odour of vaccines hangs in the air. Monday’s theatrics now feel almost a distant memory, though time will tell if the bulls can sustain a push towards $50,000.

 

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

 

 

What bitcoin did yesterday

 

We closed yesterday, 13 January, 2020, at a price of $37,316.36 – up from $33,922.96 the day before. It’s now 12 days in a row that the price of bitcoin has closed at over $30,000.

 

The daily high yesterday was $37,599.96 and the daily low was $32,584.67.

 

This time last year, the price of bitcoin closed the day at $8,144.19 and in 2019 it was $3,552.95.

 

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

 

99.9% of all days since 2013-04-28.

 

Bitcoin market capitalisation

 

Bitcoin’s market capitalisation is currently $716,091,190,477, up from $648,756,524,442 yesterday. Facebook’s market cap is now $716.74 billion, so not far to go before we can wipe that grin (if that’s what you can call it) off Mark’s face. The market cap of gold is $11.706 trillion, though. That’s probably not going to be achieved today. No harm in trying though.

 

Bitcoin volume

 

The volume traded over the last 24 hours was $65,207,628,346, down from $77,123,744,213 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 89.74%.

 

Fear and Greed Index

 

The Fear and Greed Index continues its streak in Extreme Greed and is back up to 83 today. Prior to this run, the index has never spent more than 24 consecutive days at this level. It’s important to remember that the index doesn’t usually stay this high for very long and this could mean a correction is on the cards, so be vigilant.

 

 

Bitcoin’s market dominance

 

Bitcoin's market dominance stands at 69.88. Its lowest ever recorded dominance was 37.09 on 8 January, 2018.

 

Relative Strength Index (RSI)

 

The daily RSI is currently 68.31. 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.

 

Google trends

 

The trend in Google searches over the last 90 days. Google shows this chart on a relative basis with a max score of 100 on the day that had the most Google searches for that keyword. The latest score is 100 – taken from 11 January.

 

 

Convince your Nan: Soundbite of the day

 

Companies issue more shares, governments print more money, miners mine more gold, drillers drill more oil. Bitcoin supply is fixed, it will always be the same, never change. It can't be debased, diluted, or inflated.

 

Cameron Winklevoss, the bigger Social Network twin

 

What they said yesterday…

 

Big Jack on why the future is decentralised…

 

 

Speaking of celebrities, Juicy J is also on the bitcoin case.

 

 

Facts.

 

 

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

 

13/1/2021

If you’re having a bad start to the day, spare a thought for San Francisco-based computer programmer, Stefan Thomas. Stefan made headlines around the world yesterday with his tale of forgotten password woe. He now has just two chances left to remember the password to a hard drive containing the private keys to a digital wallet that holds 7,002 bitcoin, which he accepted as a payment for a job back when you could get 1 bitcoin for around $5. Thoughts and prayers, Stefan.

 

He might take a small crumb of comfort in the knowledge that whatever is on that hard drive is worth a chunk less than it was last Saturday – although not that much. The bitcoin price is still hovering around the $35,000 level, with resistance forming at $36,000, and looks to have settled somewhat. Are we entering a period of accumulation before another push to $50,000? Which way will we go next?

 

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

 

Name Price Price Change (24h) Price Change (7 days)
Bitcoin (BTC) $34,480.56 -3.47% -4.07%
Ethereum (ETH) $1,064.86 -5.66% -7.57%
XRP (Ripple) $0.2963 -2.68% +30.70%
Litecoin (LTC) $137.75 -4.53% -15.19%
Bitcoin Cash (BTC) $474.89 -5.45% +10.73%

 

What bitcoin did yesterday

 

We closed yesterday, 12 January, 2020, at a price of $33,922.96 – down from $35,566.66 the day before. It’s now been eleven days in a row that the price of bitcoin has closed at over $30,000.

 

The daily high yesterday was $36,568.53 and the daily low was $32,697.98.

 

This time last year, the price of bitcoin closed the day at $8,192.49 and in 2019 it was $3,661.30.

 

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

 

99.9% of all days since 2013-04-28.

 

Bitcoin market capitalisation

 

Bitcoin’s market capitalisation is currently $648,756,524,442, down from $678,876,091,509 yesterday. That makes it the 11th biggest asset by market cap. To put that into context, Gold has a market cap of $11.795 billion. That’s a lot of room for growth.

 

Bitcoin volume

 

The volume traded over the last 24 hours was $77,123,744,213, down from $111,582,160,990 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 89.66%.

 

Fear and Greed Index

 

The Fear and Greed Index continues its streak in Extreme Greed, although it’s down again from 84 to 78 today – its lowest level since 5 November, 2020. It’s important to remember that the index doesn’t usually stay this high for very long and could mean a correction is on the cards.

 

 

Bitcoin’s market dominance

 

Bitcoin's market dominance stands at 69.16. Its lowest ever recorded dominance was 37.09 on 8 January, 2018.

 

Relative Strength Index (RSI)

 

The daily RSI is currently 60.97. 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.

 

Google trends

 

The trend in Google searches over the last 90 days. Google shows this chart on a relative basis with a max score of 100 on the day that had the most Google searches for that keyword. The latest score is 77 – taken from 10 January.

 

 

Twitter activity about bitcoin skyrocketing

 

The 7-day average of tweets mentioning bitcoin is nearly back at the December 2017 highs of almost 100,000 tweets per day and the number of Twitter users mentioning bitcoin has set a new all-time high, with the 7-day average having just touched 50,000.

 

Twitter mentions can be a great tool in evaluating the retail hype around bitcoin and we’ll keep a close eye on it going forward. A decline in this activity would be a sign of retail losing interest, and could potentially mark a price top for bitcoin after a retail-driven run-up.

 

 

Convince your Nan: Soundbite of the day

 

"I think the internet wants a native currency and I think bitcoin is probably the best manifestation of that so far."

 

– Jack Dorsey, CEO of Twitter

 

What they said yesterday…

 

Keep your passwords safe, everyone

 

Not financial advice? Good to see she’s still getting work though

 

Not sure whether Mark Cuban and one of the Winkelvoss arguing over crypto use cases is bullish or not?

 

 

Wow...

 

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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