Cardano bucks trend in otherwise gloomy market as ADA reaches its all time high over the weekend
Crypto at a Glance
Happy Monday! Or is it? It’s hard to tell at the moment. The markets are intriguingly poised, with last week’s volatility showing no sign of letting up.
Will this week see further downward pressure, or has enough heat now been taken out of the market to set things up for another rapid ascent?
It was a turbulent weekend for Bitcoin, which dropped to $43,119 on Sunday – its lowest level since February 8. However, it quickly turned things round and has since climbed back above $47,000.
Has the momentum turned in its favour? Market sentiment is now flashing fear for the first time since early February, but is this just another flash dip?
It’s the same story across the board, with almost every cryptocurrency spending the last 24 hours recovering from large price plunges on Saturday. Can they recover all last week’s losses?
The exception to the rule is again ADA, which set a new all-time high of $1.48 on Saturday and has continued to hold above $1.30. It has now surged a huge 2,000% over the last 12 months, adding 300% in the last month alone.
Today sees the launch of its long-anticipated ‘Mary’ update, which will finally see it support traditional-currency-pegged stablecoins and allow users to create non-fungible tokens – a phenomenon that has grown increasingly popular in recent weeks and seems set to be one of the major trends of 2021. Can the impeccable timing drive another huge surge?
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In the Markets
|Name||Price||Price Change (24h)||Price Change (7 days)|
|Binance Coin (BNB)||$227.94||+8.86%||-17.80%|
|Crypto market cap||$1,434,424,512,113|
|MVIS CryptoCompare Digital Assets 100 Large-Cap Index||+8.00|
|MVIS CryptoCompare Digital Assets 100 Small-Cap Index||+11.21|
|MVIS CryptoCompare Ethereum VWAP Close Index||+9.75|
|Prices and data as of [08:30, 1/03/2021]||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, February 28 2021, at a price of $45,137.77 – down from $46,188.45 the day before.
The daily high yesterday was $46,716.43, and the daily low was $43,241.62.
This time last year, the price of Bitcoin closed the day at $8,672.46. In 2019, it was $3,854.79.
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 $876,439,281,969. That means it is once again the eighth largest asset in the world and closing in on Alphabet, which has a market cap of $1.368 trillion. The total market cap of gold is $11.008 trillion at time of writing.
The volume traded over the last 24 hours was $50,488,271,010. 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 84.69%.
Fear and Greed Index
Market sentiment drops to 38 today, in Fear for the first time since January 22.
Bitcoin’s market dominance
Bitcoin’s market dominance is 61.92. Its lowest ever recorded dominance was 37.09 on January 8, 2018.
Relative Strength Index (RSI)
The daily RSI is 51.51. 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 am fascinated. I’m investing. I’m holding a 3% weighting in it between ethereum and bitcoin. The volatility sickens me but I’m getting used to it.”
Shark Tank star Kevin O’Leary, aka Mr Wonderful
What they said yesterday…
A scary image
Saylor is the Terrence Malick of crypto
A bit less abstract, but equally valid
Crypto AM Editor writes
Bitcoin crashes for a second time in a week
Citadel billionaire questions economic value of Bitcoin
Crypto AM: Longer Reads
City AM Markets: What is Decentralised Finance (DeFi) by Aave
Aave: DeFi Hub latest Article
Crypto AM: Conversation with James Bowater
Crypto AM: Market View in association with Ziglu
Crypto AM: Technically Speaking in association with with Zumo
Crypto AM: Talking Legal
Crypto AM: Spotlight
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: A Trader’s View with TMG
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Definitively DeFi
Crypto AM: Recommended Events
What’s Next for Crypto Webinar
Baker Botts & Team Blockchain
March 3 2021 17:00 GMT
Global Investment in Sustainable Development
March 31 to April 1 2021 – Dubai
Global Technology Governance Summit
April 6 to 7 2021 – Tokyo
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.