Bitcoin price remains flat but stable as Cardano leads the way on cryptocurrency markets

Monday 17 January 2022 11:19 am

It was a flat weekend for the Bitcoin price, which continues to look stable at just $43k – unchanged since yesterday morning but up two per cent over the past week. We are now in a two month-long downtrend that has seen the price fall by almost a third from November’s all-time high of around $69k.

The price action is echoed by other top cryptocurrencies, including Ethereum (ETH) and Solana (SOL), which are also broadly unchanged in price over the last day. The standout performer among the major cryptocurrencies is Cardano (ADA), which has grown by nearly 12 per cent in the last 24 hours and more than 30 per cent since this time last week.

This week, keep an eye on the North American Bitcoin Conference, where billionaire investor Mark Cuban will join crypto-friendly Miami Mayor Francis Suarez on stage. Will we see any major announcements to compare with last year’s revelation that El Salvador planned to become the world’s first country to make Bitcoin legal tender?

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All feedback on Crypto AM Daily in association with Luno is welcome via email to [email protected] 🙏🏻

Friday’s Crypto AM Daily in association with Luno

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 $2,042,413,318,156.

What Bitcoin did yesterday

We closed yesterday, January 16 2022, at a price of $43,113.88, down from $43,177.40 the day before. The daily high yesterday was $43,436.81 and the daily low was $42,691.02.

This time last year, the price of Bitcoin closed the day at $35,791.28. In 2020, it closed at $8,929.04.

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $807.91 billion. To put it into context, the market cap of gold is $11.556 trillion and Tesla is $1.054 trillion.

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $19,162,790,950. 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 43.4%.

Fear and Greed Index

Market sentiment today is 22, in Extreme Fear.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 39.70. Its lowest ever recorded dominance was 37.09 on January 8 2018.

Relative Strength Index (RSI)

The daily RSI is currently 36.74. 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

“It might make sense just to get some in case it catches on. If enough people think the same way, that becomes a self-fulfilling prophecy. Once it gets bootstrapped, there are so many applications if you could effortlessly pay a few cents to a website as easily as dropping coins in a vending machine.”
Bitcoin creator(s) Satoshi Nakamoto, 13 years ago