Bitcoin back above $51,000 and Ethereum/AWS tie-up could mean big innovation
Crypto at a glance
The market continued to look choppy yesterday, though it seems the momentum is still very much on Bitcoin’s side and we’re back percolating at around $51,000 again.
The largest cryptocurrency is still some way off last month’s all-time high price above $58,000, but the conditions are arguably more favourable for a more sustained price move this time around.
Last week’s correction took a lot of the heat out of the market and the US stimulus bill is likely to be approved in the next two weeks, although falling volumes may be a cause for concern.
The recovery continues all down the line. The total market cap of cryptocurrency is now back up at over $1.5 trillion and everything is showing green. There was particularly good news for Ethereum yesterday, with Amazon Web Services (AWS)’s announcement that their “managed blockchain” service now supports Ethereum out of the box.
The move comes more than two years after the integration was first hinted at in 2018. The AWS announcement blog notes that the news means “AWS customers can easily provision Ethereum nodes in minutes and connect to the public Ethereum main network and test networks such as Rinkeby and Ropsten”. This should, hopefully, mean the developer base using this technology grows even further and enables even more innovation moving forward.
With smart contract rivals such as BNB and ADA making huge headway recently, will the move help Ethereum maintain its position?
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In the Markets
|Name||Price||Price Change (24h)||Price Change (7 days)|
|Binance Coin (BNB)||$252.80||+2.54%||+2.95%|
|Crypto market cap||$1,551,909,712,072|
|MVIS CryptoCompare Digital Assets 100 Large-Cap Index||+6.41|
|MVIS CryptoCompare Digital Assets 100 Small-Cap Index||+6.67|
|MVIS CryptoCompare Ethereum VWAP Close Index||+0.57|
|Prices and data as of [08:30, 3/03/2021]||Source: CryptoCompare.com, MVIS|
The Bitcoin Economy
*Definitions and insights can be found at https://bytetree.com/insights/
What Bitcoin did yesterday
We closed yesterday, March 2, 2021, at a price of $48,378.99 – down from $49,631.24 the day before.
The daily high yesterday was $50,127.51 and the daily low was $47,228.85.
This time last year, the price of Bitcoin closed the day at $8,869.67. In 2019, it was $3,864.42.
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 $942,335,371,742, up from $910,126,141,016 yesterday. That means it is still the eighth largest asset in the world, above Tencent, but still behind Alphabet. The total market cap of gold is $10.967 trillion at time of writing. Getting closer!
The volume traded over the last 24 hours was $48,376,115,752, down from $54,465,753,669 yesterday. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.
The price volatility of Bitcoin over the last 30 days is 79.89%.
Fear and Greed Index
Market sentiment is right back up to 78 again today.
Bitcoin’s market dominance
Bitcoin’s market dominance is 61.78. Its lowest ever recorded dominance was 37.09 on January 8, 2018.
Relative Strength Index (RSI)
The daily RSI is 57.69. 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
“The current currency holdings in fiat is about $100 trillion and bitcoin‘s market cap is just reaching $1 trillion now, so there’s no reason it can’t go up 100-fold. It’s not like it’s going to completely replace the dollar, although I think people are going to laugh when you’re trying to buy things for dollars in the future.”
Tim Draper, founder of Draper Fisher Jurvetson
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Another billionaire sounding increasingly bullish…
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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.
All information is correct as of 08:30am GMT.