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?
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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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20/05/2021
It’s been a wild 24 hours in the crypto markets, with the price of bitcoin falling more than 25% yesterday to a low of just over $30,000. The leading cryptocurrency has since recovered to the $40,000 level and is now down just 1% over the day, which is astonishing really, given the rollercoaster of emotions and general doom mongering that was going on. Is more turbulence in store, or did we just see the bottom?
Bitcoin wasn’t alone, and its market dominance is actually up again as others took an even bigger hit. Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, is down almost 10%, while other alternative cryptocurrencies suffered worse fates. Litecoin is down 20% over the last 24 hours, XRP is down 20%... the list goes on. Can they recover as Bitcoin has?
Twitter’s doom merchants and the press were out in full force yesterday claiming the end of it all — the death of cryptocurrency. While this certainly isn’t the first time many of them have wrongly rushed to condemn bitcoin and its ilk, it’s understandable that the speed at which it happened may have put the wind up people. Those who have been in the space a while will be more used to such dramatic price movements, but by anyone’s standards it was a dramatic drop. Equally, it was also a dramatic recovery.
It’s important to understand the event in context, with a cascade of bad news including Musk’s retraction, fear that China may be cracking down on crypto after it reiterated its previous crypto bans, and a shakier macro climate as US stocks started falling, led by major losses on shares of tech stocks. Musk did recover his reputation somewhat by tweeting diamond hands amidst the falling price, which some speculated helped the recovery. Can the news turn once again in Bitcoin’s favour?
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) | $40,597.98 | 2.79% | 20.34% |
| Ethereum (ETH) | $2,742.39 | 7.01% | 31.13% |
| XRP (Ripple) | $1.20 | 16.14% | 11.92% |
| Litecoin (LTC) | $216.07 | 18.33% | 34.40% |
| Bitcoin Cash (BCH) | $818.29 | 13.62% | 38.58% |
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,760,410,472,285, down from $1,827,193,544,520 yesterday.
What bitcoin did yesterday
We closed yesterday, 19 May, 2021, at a price of $37,002.44, down from $42,909.40, the day before. That’s the lowest daily close since 4 February.
The daily high yesterday was $43,546.12 and the daily low was $30,681.50. That’s the lowest the price has been since January.
This time last year, the price of bitcoin closed the day at $9,729.04. In 2019, it closed at $8,197.69.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $761.42 billion, up from $751.97 billion yesterday. To put it into context, the market cap of gold is $11.895 trillion and Facebook is $889.17 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $133,033,444,219, up from $69,763,283,844 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 84.91%.
Fear and Greed Index
Market sentiment today is at 11, down from 23 yesterday.
Bitcoin’s market dominance
Bitcoin's market dominance today is 43.93, up from 41.11 yesterday. Its lowest ever recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 32.08, down from 24.33 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
“We go through soul-searching times like this and scrape the models, and yes our conviction is as high. The one thing [that has] changed here, however, is the environmental concerns around bitcoin, in particular, have caused people like Elon Musk to pull away.
“You never know how low is low when a market gets very emotional, a lot of traders see bitcoin dropping below the 200-day moving average, which was $40,000. So traders, once they see that happen, they just dump and run. I think we’re in a capitulation phase… which is a really great time to buy, no matter what the asset is.”
— Cathie Wood, chief executive of asset manager of ARK Invest
What they said yesterday…
Well, that clears things up
Saylor’s got your backs
Always good to zoom out
Twitter had fun amidst the chaos at least
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19/05/2021
The crypto markets are down again today, with the total market capitalisation falling below $2 trillion for the first time since April. Is there further to fall, or is it time to buy the dip?
Bitcoin leads the plunge again, falling just below $40,000 this morning for the first time since February. It’s since recovered to just below $41,000, but can resistance at this level hold? It’s worth noting that Bitcoin was at $37,000 when Tesla first announced they were to start accepting the leading cryptocurrency as a payment method. Is this a level to watch out for?
The market seems to be gripped by fear at the moment, with a lot of old FUD doing the rounds. Even rumours about China banning crypto for the 100th time are re-emerging – something that they actually already did back in 2017. The Crypto Fear and Greed Index, a metric that measures the current sentiment in the bitcoin market, reflects this, having fallen to “extreme fear” levels not seen since April 2020. These are often considered by some to be buying opportunities, with crypto research leader Arcane noting in a report that: “In the past, an extremely fearful market like this has historically presented solid buying opportunities during bull cycles.” Will they be proved correct?
It’s a sea of red everywhere today, with Ethereum also dropping 14% to below $3,000. Ripple (XRP) is also holding relatively steady at around $1.50.
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) | $40,294.18 | 10.51% | 29.39% |
| Ethereum (ETH) | $2,981.00 | 14.70% | 30.68% |
| XRP (Ripple) | $1.47 | 2.78% | 1.25% |
| Litecoin (LTC) | $270.70 | 10.86% | 29.01% |
| Bitcoin Cash (BCH) | $960.81 | 14.00% | 37.06% |
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,827,193,544,520, down from $2,114,266,791,289 yesterday.
What bitcoin did yesterday
We closed yesterday, 18 May, 2021, at a price of $42,909.40, down from $43,537.51, the day before.
The daily high yesterday was $45,812.46 and the daily low was $42,367.83.
This time last year, the price of bitcoin closed the day at $9,726.57. In 2019, it closed at $7,271.21.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $751.97 billion, down from $843.75 billion yesterday. That puts it below Facebook again. To put it into context, the market cap of gold is $11.89 trillion and Alphabet (Google) is $1.533 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $69,763,283,844, up from $64,747,766,359 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 63.43%.
Fear and Greed Index
Market sentiment today is at 23, up from 21 yesterday.
Bitcoin’s market dominance
Bitcoin's market dominance today is 41.11, up from 40.70 yesterday. Its lowest ever recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 24.33, down from 32.49 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
"Think about Morgan Stanley ... just trained 4,000 financial advisers to sell bitcoin. We're going to have these armies of newly anointed proselytizers."
— Mike Novogratz, CEO of Galaxy Investment Partners
What they said yesterday…
Saylor keeps sailing
Deflategate 2.0
Hungary for bitcoin
Source: luno blog
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