/Bitcoin stalls as markets drop, while ADA looks strong

Bitcoin stalls as markets drop, while ADA looks strong

Crypto at a glance

All eyes this weekend were on the Bitcoin-sponsored car in the 105th Indy 500 (it finished 8th), but while the BTC-adorned Chevrolet was busy tearing past the competition, it was a more stop-start weekend in the crypto markets. What does this week have in store?

The Bitcoin price seems to be establishing itself in a range between $35-$40k, currently trading at around $36k. It fell to $33k yesterday, the lowest it’s been for over a week. It looks as if there’s still cracks from the drop the other week, with concerns about the environmental damage of Bitcoin mining continuing to make headlines. Will we get better news this week?

It seems Bitcoin is still proving something of a drag on the markets, with other leading cryptocurrencies following suit.  Ether (ETH) continues to trade at around $2,500, down from highs of just below $3,000 a week ago. It’s still up 10 per cent over the last week, but has a way to go before we can talk about any new all-time highs.

Cardano (ADA) was the standout performer over the weekend, with prices up almost 20 per cent yesterday over the 24 hours. It’s currently trading at around $1.62 and is again the fourth-largest cryptocurrency by market cap, having leapfrogged Binance Coin (BNB) again. ADA is riding high on its credentials as a more “sustainable” crypto, though it is down one per cent today. Can it now hold its position?

All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻

In the markets

The Bitcoin economy

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

Total crypto market cap

The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,523,809,822,874,

What Bitcoin did yesterday

We closed yesterday, May 30 2021, at a price of $34,616.07, up from $35,697.61 the day before.

The daily high yesterday was $37,234.50 and the daily low was $33,693.93.

This time last year, the price of Bitcoin closed the day at $9,700.41. In 2019, it closed at $8,319.47.

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $666.8 billion. To put it into context, the market cap of gold is $12.115 trillion and Facebook is $932.1 billion.

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $30,450,258,873. 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 85.69 per cent.

Fear and Greed Index

Market sentiment today is 18.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 43.50, Its lowest ever recorded dominance was 37.09 on January 8 2018.

Relative Strength Index (RSI)

The daily RSI is currently 34.18. 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 world is changing, we all just have to understand it’s constant change and you can either be ahead of the curve or behind it and I’m choosing to be ahead of it. As someone who wants to be on the forefront of things, I’m going to help create the trend and adopt it and recognize this is where the world is heading.”

– Tom Brady, American hero

What they said yesterday

Our boy…

Telling…

It’s happening…

Foreseen…

Crypto AM Editor writes

Further pain ahead for Bitcoin as environmental groups queue up to reject cryptocurrencies

How are cryptocurrencies coping this weekend?

Bruised Bitcoin heads into an uncertain weekend

China’s CMB International and Nervos Foundation launch $50m blockchain fund

Cardano teams up with Save the Children for humanitarian initiative

HMRC: We’re not clamping down on crypto

Ethiopia overhauls its educational system with IOHK blockchain partnership

Crypto AM: Longer Reads

City AM Markets: What is Decentralised Finance (DeFi) by Aave

Crypto AM: Conversation with James Bowater

Crypto AM: Market View

Crypto AM: Technically Speaking

Crypto AM: A Trader’s View with TMG

Crypto AM: Mixing in the Metaverse with Dr Chris Kacher

Crypto AM: Talking Legal

Crypto AM: Spotlight

Crypto AM: Founders Series

Crypto AM: Industry Voices

Crypto AM: Tiptoe through the Crypto with Monty Munford

Crypto AM: Definitively DeFi

Crypto AM Parliamentary Special

Part one of two – April 2021

Part two – April 2021

Five Part Series – March 2021

Part one…

Part two…

Part three…

Part four…

Part five…

Crypto AM: Recommended Events

Bitcoin 2021

June 3 to 5 2021 – Miami

https://b.tc/conference

Crypto AM City of London Roundtable

Crypto AM DeFi & Digital Inclusion Summit

&

Crypto AM Awards 2021

September 29 and 30 2021

Cautionary Notes

It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. City AM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.

All information is correct as of 08:30am GMT.