Unexpected green candles appear for Bitcoin, Ethereum and most altcoins

That was unexpected. Following a week of slow downward movement, Bitcoin is pushing from a $23,000 floor early this morning towards $24,000.

The leading crypto by market cap is trading for $23,740, up by more than 2% over 24 hours. Ethereum is trading in a similar range at $1,652, also in the green by 1.8%. It’s a divergence from the SP500 and Dow Jones, with both indices marginally down on the day by less than a percentage point. Conversely, stocks on the Hang Seng Index in Hong Kong jumped 4% in the last 24 hours following the release of positive economic indicators. 

Many smart contract cryptocurrencies such as Solana (+1.96%) are also in the green, despite another, since resolved, network outage earlier this week. Uniswap (+5%) and Chainlink (+1.6%) have also improved on their positions over 24 hours. 

This whipsaw in markets follows analyst predictions of a battle for a Bitcoin price level of $25,000, which, if won, may push the price all the way to $30,000. On the other hand, lose $23,000, and further retracement is very possible. It’s the same old story, say the experts, volatility will continue until central banks get a tight grip on inflation. 

Yesterday’s Crypto AM Daily in association with Luno

In the markets

The Bitcoin economy

*Data can be found at https://terminal.bytetree.com/ 

Total crypto market cap

The total capitalisation of the entire cryptocurrency market this morning was $1.082 billion.

What Bitcoin did yesterday

We closed yesterday, February 28, at a price of $23,147. The daily high yesterday was $23,585.38, and the daily low was $23,077.

Bitcoin market capitalisation

Bitcoin’s market capitalisation this morning was $458,557 billion. To put it into context, the market cap of gold is $12.143 trillion and Tesla is $650.88 billion.

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $23,400 billion. 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 38.74%.

Fear and Greed Index

Market sentiment today is 50, in Neutral.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 44.05. Its lowest ever recorded dominance was 37.09 on January 1 2018.

Relative Strength Index (RSI)

The daily RSI is currently 54.82. 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 fam: Soundbite of the day

“…a coin that says this is buying power that I know that I can save in and put my money in over a period of time and then I can transact in anywhere–I think that would be a good coin.”

Ray Dalio, Investor 

What they said yesterday

Again, for those in the back…

Bitcoin growth cycles…

BTC is money…

Would you like to help spread the adoption and education of Bitcoin in the UK and even stack some Sats while you’re doing it? Well, now you can!

The Bitcoin Pioneers community, backed by Barry Silbert’s Digital Currency Group, was created to introduce Bitcoin to a mainstream audience in a meaningful way and now has members right across the UK.

We share tips, stories and ideas on how to encourage others to try Bitcoin for the first time. And, thanks to support from Luno, each Pioneer gets £500 of Bitcoin a month to share with beginners, helping them get started.

So, if you’re passionate about Bitcoin, why not join today? Click here to find out more!

All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻

Crypto AM: Editor’s picks

Sam Bankman-Fried: A tissue of lies soaked with fake tears?

Three-in-four wealth managers are gearing up for more cryptocurrency exposure

Crypto.com granted FCA licence to operate in UK

Q&A with Duncan Coutts, Principal Technical Architect at IO Global

Jamie Bartlett – on the trail of the missing ‘Cryptoqueen’

MPs are falling silent over potential of cryptocurrency

Erica’s ‘Crypto Wars’ handed honours in Business Book Awards

‘Let people invest’: Matt Hancock makes case for liberal crypto rules

Explained: Why the Treasury is so sold on stablecoins

Fears crypto is used to avoid sanctions ‘misplaced,’ says Matt Hancock

The cryptocurrency fundraisers behind Ukraine’s military effort

Crypto AM: Features 

Crypto AM: Founders Series 

https://www.cityam.com/profile/crypto-am-founders-series/

Crypto AM: Industry Voices 

Crypto AM: Contributors 

Crypto AM: In Conversation with James Bowater

Crypto AM: Tomorrow’s Money with Gavin S Brown

Crypto AM: Mixing in the Metaverse with Dr Chris Kacher

Crypto AM: Visions of the Future, Past & Present with Alex Lightman 

Crypto AM: Tiptoe through the Crypto with Monty Munford 

Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry

Crypto on the catwalk

Crypto AM: Events

Cautionary Notes

It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. City AM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.