Cardano bucks trend in otherwise gloomy market as ADA reaches its all time high over the weekend

2021-03-01 10:56:00

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?

Start your investment journey into crypto with Luno with £10 on us!

If you’ve not started your crypto journey yet, we’ve joined forces with Luno to offer you £10 absolutely free. Click on the graphic below and simply use the code CITYAM10 when you sign up.

In the Markets

Name Price Price Change (24h) Price Change (7 days)  
Bitcoin (BTC) $47,015.22 +5.01% -16.58%  
Ethereum (ETH) $1,464.15 +8.12% -22.25%  
XRP (Ripple) $0.4302 +3.71% -27.47%  
Monero (XMR) $216.04 +3.43% -10.09%  
Polkadot (DOT) $34.33 +10.43% -9.46%  
Algorand (ALGO) $1.05 +0.63% -17.00%  
Cardano (ADA) $1.30 +8.16% +23.36%  
Chainlink (LINK) $25.62 +5.38% -21.50%  
Aave (AAVE) $375.04 +20.66% -14.90%  
UniSwap (UNI) $23.31 +7.93% -16.56%  
Celsius (CEL) $4.72 +7.42% -12.91%  
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.

Bitcoin volume

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.

Volatility

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

Huge news?

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

https://event.on24.com/wcc/r/3025235/72862B4A2DA17F4097395FBA84B845BF

CC Forum

Global Investment in Sustainable Development

March 31 to April 1 2021 – Dubai

https://dubai.cc-forum.com

Global Technology Governance Summit

April 6 to 7 2021 – Tokyo

https://www.weforum.org/events/global-technology-governance-summit-2021

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.

All information is correct as of 08:30am GMT.



empty message

empty message

empty message

empty message

empty message