Bitcoin and Ethereum resilient as altcoins stumble

Thursday 13 October 2022 11:08 am

The so-called crypto winter continues to cool down cryptocurrency markets with little price movements, especially for established cryptocurrencies, in the last few days.

Bitcoin is trading around $19,000 this morning, down 0.68% from yesterday. Ethereum is down 1.55% on the day, changing hands for $1,277. The two largest cryptocurrencies by market cap are holding steady compared to other cryptocurrencies such as Uniswap and Chainlink, which are well in the red today, down 7.25% and 8% over respectively.

Traditional markets are also navigating similar territory, with the S&P 500 now having notched six successive days in the red. Today’s consumer price index (CPI) numbers to be released by the Fed will no doubt lead to investor action after what’s been a slow week, whether it’s bearish or bullish remains to be seen.

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Yesterday’s Crypto AM Daily in association with Luno

In the markets

The Bitcoin economy

*Definitions and insights can be found at https://bytetree.com/research

Total crypto market cap

The total capitalisation of the entire cryptocurrency market at time of writing is currently $903.829 billion.

What Bitcoin did yesterday

We closed yesterday, 12 October 2022, at a price of $19,157.45. The daily high yesterday was $19,203.20 and the daily low was $19,029.76.

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $364.85 billion. To put it into context, the market cap of gold is $11.076 trillion and Tesla is $675.83 billion.

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $25.528 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 36%.

Fear and Greed Index

Market sentiment today is 20, in Extreme Fear.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 41.85. Its lowest ever recorded dominance was 37.09 on January 1 2018.

Relative Strength Index (RSI)

The daily RSI is currently 44.26. 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

“Bitcoin is deliberately amoral, it has no requirements to entry and asks nothing of the user aside from a valid signature.”

Nic Carter, General Partner at Castle Island Ventures

What they said yesterday

To put things in perspective, Twitter has 400m users…

#Bitcoin took 6 months to get 1000 users; 5 years to find 1 million users.

Today, 13.8 years from inception, it has 300m+ users, 4% of the world.

At current growth rates, 1 billion users will be hit in the next 3 years. That’s 12% of the world. pic.twitter.com/akMbNySaGw

— Willy Woo (@woonomic) October 12, 2022