By: Crypto AM Daily in association with Luno
The price of Bitcoin finally broke its losing streak last night, finishing the week above where it started for the first time in nine weeks.
The leading cryptocurrency by market cap is currently changing hands for $31,247 – an increase of around five per cent over the past 24 hours and two per cent since this time last week.
The Ethereum price is also up this morning, sitting at around $1,888 after rising five per cent since yesterday morning. Other major cryptocurrencies are also up, with Chainlink seeing a particularly strong performance – it’s up 8.5 per cent over the same time period.
All eyes this week will be on the incoming inflation data for May from the US, which could provide more indication about future interest rate rises. The Consumer Price Index (CPI) data for May will be released on Thursday, which has historically provided some gauge of how inflation is progressing, CPI announcements have traditionally been accompanied by market volatility both within crypto and beyond, with interest rate rises often closely connected.
Will the same be true this week?
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All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻
*Definitions and insights can be found at https://bytetree.com/research
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1.28 trillion.
We closed yesterday, June 5 2022, at a price of $29,906.66. The daily high yesterday was $30,117.74 and the daily low was $29,574.45.
Bitcoin’s market capitalisation at time of writing is $595.5 billion. To put it into context, the market cap of gold is $11.781 trillion and Tesla is $728.88 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $25,628,799,316 billion. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.
The price volatility of Bitcoin over the last 30 days is 57.29%.
Market sentiment today is 13, in Extreme Fear.
Bitcoin’s market dominance today is 47.03. Its lowest ever recorded dominance was 37.09 on January 1 2018.
The daily RSI is currently 51.11. 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.
“Inflation has been going up my entire life. I remember a time when a bag of crisps was 20p now it is 70-80p. Bitcoin is the best inflationary hedge in this cost of living crisis.”
Brendan Jordan, cryptocurrency investor
Extreme fear = Extremely good buying opportunity. pic.twitter.com/zA8tSDBQ5w
This time last year…
✨ Exactly 1 year ago today, El Salvador became the 1st country to declare #Bitcoin legal tender
A small nation took a giant leap for humanity 🇸🇻 pic.twitter.com/2IibkguFUb
A change of season…
#Bitcoin has ended its longest bearish streak to date https://t.co/oIUrY6gBND
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Crypto on the catwalk
For those of you who missed the Crypto AM DeFi & Digital Inclusion online summit 2021 – you can now watch the event in two parts via YouTube
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 08:00 BST
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