Unexpected green candles appear for Bitcoin, Ethereum and most altcoins

Wednesday 01 March 2023 10:57 am

That was unexpected. Following a week of slow downward movement, Bitcoin is pushing from a $23,000 floor early this morning towards $24,000.

The leading crypto by market cap is trading for $23,740, up by more than 2% over 24 hours. Ethereum is trading in a similar range at $1,652, also in the green by 1.8%. It’s a divergence from the SP500 and Dow Jones, with both indices marginally down on the day by less than a percentage point. Conversely, stocks on the Hang Seng Index in Hong Kong jumped 4% in the last 24 hours following the release of positive economic indicators.

Many smart contract cryptocurrencies such as Solana (+1.96%) are also in the green, despite another, since resolved, network outage earlier this week. Uniswap (+5%) and Chainlink (+1.6%) have also improved on their positions over 24 hours.

This whipsaw in markets follows analyst predictions of a battle for a Bitcoin price level of $25,000, which, if won, may push the price all the way to $30,000. On the other hand, lose $23,000, and further retracement is very possible. It’s the same old story, say the experts, volatility will continue until central banks get a tight grip on inflation.

Yesterday’s Crypto AM Daily in association with Luno

In the markets

The Bitcoin economy

*Data can be found at https://terminal.bytetree.com/

Total crypto market cap

The total capitalisation of the entire cryptocurrency market this morning was $1.082 billion.

What Bitcoin did yesterday

We closed yesterday, February 28, at a price of $23,147. The daily high yesterday was $23,585.38, and the daily low was $23,077.

Bitcoin market capitalisation

Bitcoin’s market capitalisation this morning was $458,557 billion. To put it into context, the market cap of gold is $12.143 trillion and Tesla is $650.88 billion.

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $23,400 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 38.74%.

Fear and Greed Index

Market sentiment today is 50, in Neutral.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 44.05. Its lowest ever recorded dominance was 37.09 on January 1 2018.

Relative Strength Index (RSI)

The daily RSI is currently 54.82. 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 fam: Soundbite of the day

“…a coin that says this is buying power that I know that I can save in and put my money in over a period of time and then I can transact in anywhere–I think that would be a good coin.”

Ray Dalio, Investor