Crypto at a glance
The old markets returned overnight, even though the Bitcoin price is still around $ 55,000.
Bitcoin’s market dominance is currently only 51 percent – its lowest level since July 2018. So what’s up?
The big adoption news yesterday was the announcement that PayPal’s Venmo mobile payment app will soon enable 70 million users to buy, sell and hold Bitcoin, Bitcoin Cash, Ethereum and Litecoin.
Venmo is one of the most popular digital payment services in the US and a direct competitor to Square’s CashApp, which has made huge profits over the last year from its decision to make crypto available on the platform. Venmo is especially popular with younger Americans who use the app to make payments or share purchases with friends and family.
The news would have boosted Bitcoin in earlier days, but the massive adoption spurt hasn’t quite broken the leading cryptocurrency out of its holding pattern and is only up 2.5 percent since yesterday morning.
There was better news elsewhere, however, with double-digit gains on the agenda below. Ethereum (ETH), XRP and Cardano (ADA) gained more than 10 percent and made up for some of the weekend’s losses, while Binance Coin (BNB) flew again and gained over 20 percent.
Is the market just calming down after the recent turbulence? Are traders moving their money out of Bitcoin for bigger profits? If so, then at least they seem to be finally losing interest in Dogecoin as the joke coin was the only big dare yesterday, despite fans talking about the prospect of hitting the $ 1 mark. It’s down 20 percent in the past 24 hours and is trading at $ 0.32 – which is still up 150 percent over the past seven days. Will it now be able to hold onto those gains?
Cardano’s long-awaited Africa special was announced yesterday by engineering partner Input Output Group (IOG) and will take place on April 29th at 16:30 UTC. You can register via https://africa.cardano.org to participate
All feedback on Crypto AM Daily in collaboration with Luno is welcome by email at James.Bowater@cityam.com
In the markets
The bitcoin economy
* For definitions and findings, see https://bytetree.com/insights/
Total market capitalization for crypto
The total capitalization of the entire cryptocurrency market at the time of writing is currently $ 2,052,482,711,141from $ 1,933,879,220,909 yesterday.
What Bitcoin did yesterday
We are closed yesterday, April 20, 2021 at a price of $ 56,473.03 – from $ 55,724.27 the previous day.
Yesterday’s high for the day was $ 57,062.15 and the low for the day was $ 53,448.05.
Around this time last year, Bitcoin’s price closed the day at $ 6,881.96. In 2019, it closed at $ 5,337.89.
Bitcoin market capitalization
Bitcoin’s market capitalization at the time of writing is $ 1.037 trillionfrom $ 1.007 trillion this time yesterday. In this context, the market capitalization of gold is $ 11.352 trillion and Alphabet (Google) is $ 1.542 trillion.
The total spot trading volume reported by all exchanges in the past 24 hours was $ 62,908,429,664from $ 66,142,537,395 yesterday. High volumes can indicate that a significant price move has stronger support and is more likely to last.
Bitcoin’s price volatility over the past 30 days is 45.84%.
Fear and greed index
The market sentiment remains in greed 73.
Bitcoin’s dominance of the market
Bitcoin’s market dominance is today 51.71, from 53.23 yesterday. The lowest dominance ever recorded was 9/37 on January 8, 2018.
Relative Strength Index (RSI)
The daily RSI is current 41.42, from 37.21 yesterday. Values of 70 or higher indicate that an asset is being overbought and may be prepared for a trend reversal or price correction. An RSI of 30 or less indicates an oversold or undervalued condition.
Convince your Nan: Soundbite of the day
“Bitcoin on Venmo for 70 million users is putting more pressure on Apple, Google and Facebook to integrate Bitcoin into their mobile applications. In the meantime, no one will plug gold into 5 billion mobile devices. “
– Michael Saylor, bull bull
What they said yesterday
Update of regulations in the USA …
More adoption news …
The Middle East receives its first publicly traded #bitcoin fund on Nasdaq-Dubai.
Yalla Bitcoin !!
– Bitcoin archive 🗄🚀🌔 (@BTC_Archive) April 20, 2021
As long as there is fiat money, Bitcoin cannot be late.
– River Financial (@river) April 20, 2021
Charles goes to Africa …
Crypto AM Editor writes
API3 and Open Bank Project join forces in a decade-long blockchain project
The intelligence dossier finds that Bitcoin outperforms gold, but Ethereum outperforms Bitcoin
Crypto AM: Longer reads
City AM Markets: What is Aave’s Decentralized Finance (DeFi)?
Crypto AM: Conversation with James Bowater
Crypto AM: Market View
Crypto AM: Technically
Crypto AM: A Trader’s View with TMG
Crypto AM: Mixing in the Metaverse with Dr. Chris Kacher
Crypto AM: speak legally
Crypto AM: headlights
Crypto AM: Founders Series
Crypto AM: Industry voices
Crypto AM: Walk the Crypto on tiptoe with Monty Munford
Crypto AM: Definitely DeFi
Crypto AM Parliamentary Special Five Part Series
Part five …
Part four …
Crypto AM: Recommended Events
May 25-26, 2021 – Dubai
Roundtable from Crypto AM City of London
Crypto AM DeFi & Digital Inclusion Summit
Crypto AM Awards 2021 (to be announced soon)
It’s definitely tempting to get swept up in the excitement, but please keep these careful words in mind: do your own research, invest only what you can afford, and make good decisions. Hopefully the indicators included in this article will help with that. Please note, however, that the content of this article is for informational purposes only and is not intended to be investment advice or any form of recommendation or invitation. City AM, Crypto AM, and Luno always recommend that you seek your own independent financial advice before investing or trading in cryptocurrency.
All information is correct as of 08:30 GMT.