The recovery in the crypto markets continues today, with Bitcoin again trading at over $40,000. Can it overcome the resistance at $42,000 and push back to the $50,000 range where it seemed so comfortable before last week’s crash? The leading cryptocurrency is currently up 4% over the last day and breaking even over the week. Is the bull market back in business, or is this just a dead cat bounce?
It’s seemingly good news everywhere today, with Ethereum also looking up at $3,000 again. It’s currently trading hands at just over $2,800, up 9% over the last 24 hours and down just 3% in the week, erasing many of the weekend’s losses. However, it’s still got some way to go before hitting the recently made all-time high of over $4,000. Can the markets summon the enthusiasm to take it higher?
Ethereum’s volumes suggest that there could well be support out there for further rises, rivalling that of Bitcoin’s for the first time. According to CoinDesk Research, volumes on major spot exchanges for bitcoin on Monday were at $72,762,652,345, while ether was at $72,479,251,812. Bitcoin’s market dominance is again slipping back down to around 40%. Is alt season back in business?
The content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. Luno always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.
All information is correct as of 08:30am GMT.
Crypto markets at a glance
| Name | Price | Price Change (24h) | Price change (7 days) |
| Bitcoin (BTC) | $40,485.16 | 4.13% | 2.55% |
| Ethereum (ETH) | $2,880.14 | 9.13% | 2.23% |
| XRP (Ripple) | $1.05 | 4.15% | 26.57% |
| Litecoin (LTC) | $199.90 | 6.86% | 25.04% |
| Bitcoin Cash (BCH) | $777.39 | 3.87% | 17.78% |
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,769,042,632,368, up from $1,677,037,986,484 yesterday.
What bitcoin did yesterday
We closed yesterday, 25 May, 2021, at a price of $38,402.22, up from $38,705.98, the day before.
The daily high yesterday was $39,776.35 and the daily low was $36,581.43.
This time last year, the price of bitcoin closed the day at $8,906.93. In 2019, it closed at $8,052.54.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $756.891 billion, up from $729.31 billion yesterday. To put it into context, the market cap of gold is $12.11 trillion and Facebook is $929.43 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $57,663,760,057, down from $65,573,145,691 yesterday. 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 89.32%.
Fear and Greed Index
Market sentiment today remains at 22, still in Extreme Fear despite the apparent price recovery.
Bitcoin’s market dominance
Bitcoin's market dominance today is 43.47, down from 44.38 yesterday. Its lowest ever recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 39.55, up from 35.66 yesterday. 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 now considered an investable asset. It has its own idiosyncratic risk, partly because it’s still relatively new and going through an adoption phase. And it doesn’t behave as one would intuitively expect relative to other assets given the analogy to digital gold; to date, it’s tended to be more aligned with risk-on assets. But clients and beyond are largely treating it as a new asset class, which is notable—it’s not often that we get to witness the emergence of a new asset class."
— Mathew McDermott, Goldman Sachs' global head of digital assets
What they said yesterday…
Float like a bitcoin
True
Dedicated to the cause
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25/05/2021
The comeback continues in the crypto markets, as the recovery from last week’s carnage begins to fully take shape. Bitcoin is now back at around $40,000, Ethereum is back over $2,600, and Elon Musk is playing nice again. Were last week’s rush of Bitcoin obituaries premature, or is it too early to count our chickens?
Yesterday’s big news was Tesla CEO Elon Musk’s meeting with North American miners, where promises were made to “publish current & planned renewable usage & to ask miners WW to do so” – a move Musk tweeted to be “potentially promising”. The Tweet immediately sent the bitcoin price rocketing $2,000 to just below $40,000, which suggests the community hasn’t entirely fallen out of love with the electric car magnate quite yet. It’s since fallen back slightly to around $39,000. Could his support help push Bitcoin back up again to its recent all-time highs, or are his many and varied pronouncements exhausting everyone’s patience?
The alt markets generally have come roaring back this weekend, many outpacing Bitcoin as Ethereum in particular continues to look the more volatile asset. Ethereum is up 15% over the last 24 hours, though still has some way to go before it recovers from recent losses. Bitcoin Cash, Litecoin and XRP are both up around 20% too. The alt market has been running hot recently so a cooldown was somewhat inevitable, but can it get fully back on track again?
The content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. Luno always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.
All information is correct as of 08:30am GMT.
Crypto markets at a glance
| Name | Price | Price Change (24h) | Price change (7 days) |
| Bitcoin (BTC) | $38,986.00 | 7.45% | 13.55% |
| Ethereum (ETH) | $2,652.71 | 18.58% | 24.15% |
| XRP (Ripple) | $1.01 | 20.99% | 32.98% |
| Litecoin (LTC) | $185.64 | 17.59% | 39.07% |
| Bitcoin Cash (BCH) | $742.05 | 21.10% | 34.13% |
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,677,037,986,484, up from $1,499,614,852,940 yesterday.
What bitcoin did yesterday
We closed yesterday, 24 May, 2021, at a price of $38,705.98, up from $34,770.58, the day before.
The daily high yesterday was $39,835.14 and the daily low was $34,551.08.
This time last year, the price of bitcoin closed the day at $8,790.37. In 2019, it closed at $7,987.37
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $729.31 billion, up from $678.98 billion yesterday. To put it into context, the market cap of gold is $11.984 trillion and Facebook is $920.47 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $65,573,145,691, down from $84,945,829,964 yesterday. 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 93.62%.
Fear and Greed Index
Market sentiment today is at 22, still in Extreme Fear but on the up.
Bitcoin’s market dominance
Bitcoin's market dominance today is 44.38, down from 46.16 yesterday. Its lowest ever recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 35.66, up from 29.98 yesterday. 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 more we create savings in [bitcoin], the more you might say, ‘I’d rather have bitcoin than the bond.’ Personally, I’d rather have bitcoin than a bond. And then the more that happens, then it goes into bitcoin and it doesn’t go into credit, then [governments] lose control of that.”
— Ray Dalio, American investor
What they said yesterday…
A modern hero
Believers
Context
Who else?
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24/05/2021
Another turbulent weekend in the crypto markets saw Bitcoin fall to a low of just over $31,000 yesterday. However, despite the onslaught of old Fear, Uncertainty and Doubt (FUD) from China and environmental concerns, things are still holding for now and a strong start to the week has seen major cryptocurrencies recoup some of their recent losses. Are we in for more volatility this week?
While much of the recent FUD has been around Bitcoin mining and energy usage, it’s the alt markets that appear to be suffering most. The Ethereum price yesterday fell to a low of $1,737.47 – its lowest level since the end of March. That’s just under half of Ethereum’s all-time high of $4,165 on May 12—just twelve days ago. It’s now down 35% over the last 7 days, though up 13% since yesterday morning at this time. Its market cap has also halved accordingly, from highs of about half a trillion dollars on May 12 to current levels of about $260 million. Can it recover as swiftly as it rose in April?
There’s similar drops all down the board, with the likes of XRP, Bitcoin Cash and Litecoin all down more than 40%. Their rise this year has been rapid, with the market heating up to unprecedented levels so a cooling off period was to be expected. Is this just a bump in the bull run, or a longer cool off as the market settles down?
The content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. Luno always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.
All information is correct as of 08:30am GMT.
Crypto markets at a glance
| Name | Price | Price Change (24h) | Price change (7 days) |
| Bitcoin (BTC) | $36,608.63 | 1.09% | 18.28% |
| Ethereum (ETH) | $2,279.42 | 4.43% | 34.39% |
| XRP (Ripple) | $0.8555 | 3.89% | 40.37% |
| Litecoin (LTC) | $160.14 | 0.35% | 44.15% |
| Bitcoin Cash (BCH) | $616.28 | 1.29% | 44.03% |
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,499,614,852,940.
What bitcoin did yesterday
We closed yesterday, 23 May, 2021, at a price of $34,770.58, down from $37,536.63, the day before.
The daily high yesterday was $38,289.22 and the daily low was $31,227.34.
This time last year, the price of bitcoin closed the day at $9,209.29. In 2019, it closed at $7,881.85.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $678.98 billion. To put it into context, the market cap of gold is $11.962 trillion and Facebook is $896.65 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $84,945,829,964. 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 87.4%.
Fear and Greed Index
Market sentiment today is at 10.
Bitcoin’s market dominance
Bitcoin's market dominance today is 46.16. Its lowest ever recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 29.98. 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 only going to become more important and powerful, in a way that is positive for individual freedom and society."
— Garry Kasparov, chess player
What they said yesterday…
Cleared that up then
You’ve earned them
Nice list, what are yours?
True
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21/05/2021
It was another turbulent day in the markets, as the bitcoin price continues to bounce up and down like a skittle on a snare drum. The leading cryptocurrency dropped to a low of $35,000 before recovering to over $42,000 level. It’s currently trading at around the $40,000 level, with the price again unchanged over the last 24 hours despite the volatility. What does this weekend hold in store?
The volatility comes as FUD continues to pour in from anti-bitcoiners apparently sensing an opportunity. Yesterday’s dose comes to you courtesy of the US Treasury report, who have called for businesses that receive transfers of more than $10,000 in cryptocurrencies to report them to the Internal Revenue Service (IRS). They’re meeting stiff resistance at the moment, with the price holding strong. Private equity giant David Rubenstein also came out in favour of Bitcoin yesterday, claiming there was little the government could do to stop it. Who’ll tire first? A plague of cyber hornets or fax machine-loving Paul Krugman?
The IRS announcement coincided with a price drop across the board, with Ethereum dropping 5% on the news. The alt markets continue to look more volatile than Bitcoin. Bitcoin’s 30-day volatility is currently over 90% for the first time since March, while Ethereum’s is roughly 120%. It’s currently changing hands for around $2,700 though, the same as yesterday. Indeed, only XRP is down today, having looked like it had weathered the storm relatively well. It’s down 9%.
The content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. Luno always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.
All information is correct as of 08:30am GMT.
Crypto markets at a glance
| Name | Price | Price Change (24h) | Price change (7 days) |
| Bitcoin (BTC) | $39,819.69 | +2.05% | -20.57% |
| Ethereum (ETH) | $2,712.22 | +2.03% | -30.09% |
| XRP (Ripple) | $1.12 | -8.60% | -18.21% |
| Litecoin (LTC) | $202.62 | -6.58% | -36.85% |
| Bitcoin Cash (BCH) | $788.11 | -4.67% | -38.15% |
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,742,810,292,092, down from $1,760,410,472,285 yesterday.
What bitcoin did yesterday
We closed yesterday, 20 May, 2021, at a price of $40,782.74, up from $37,002.44, the day before.
The daily high yesterday was $42,462.98 and the daily low was $35,050.62.
This time last year, the price of bitcoin closed the day at $9,522.98. In 2019, it closed at $7,978.31.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $744.19 billion, down from $761.42 billion yesterday. To put it into context, the market cap of gold is $11.905 trillion and Tesla is $565.25 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $73,531,307,634, up from $133,033,444,219 yesterday. 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 90.28%
Fear and Greed Index
Market sentiment today is at 19, up from 11 yesterday.
Bitcoin’s market dominance
Bitcoin's market dominance today is 43.46, down from 43.93 yesterday. Its lowest ever recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 30.70, down from 32.08 yesterday. 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
"Crypto has come from nowhere to be a force in the market ... it's here to stay. Cryptocurrency is not going away. The idea that the government is going to stop cryptocurrency from being something investors want is unrealistic."
— David Rubenstein, co-founder and Co-Chairman of the Board @ The Carlyle Group
What they said yesterday…
The debate continues
Is economic freedom a ‘waste’ of energy?
A bit of good news
Good news for Sri Lanka
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