Crypto Markets Hold Stable Course Alongside S&P 500

Wednesday, January 19, 2022 11:15 a.m.

A flat week in the crypto markets continues as Bitcoin continues to consolidate in a tight $41-43,000 range. The price of the major cryptocurrency fell slightly again today, falling 1% in the past 24 hours and 3% in the past week.

Currently, the S&P 500 still appears to be dictating the direction of Bitcoin and the overall crypto market, as evidenced by correlations reaching new highs. Bitcoin’s 90-day correlation with the S&P 500 is currently at its highest level since October 2020. Yesterday, the S&P 500 lost 1.8%.

The Fear and Greed Index which measures consumer sentiment generally continues to suggest that investors are fearful. The index has risen slightly from the low of 10 hit on January 8, but has failed to sustain momentum to a degree that suggests confidence has returned to the market.

Where Bitcoin is going, other major altcoins seem to follow. Ethereum has underperformed Bitcoin over the past seven days, but the correlation is currently high.

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Yesterday’s Crypto AM Daily in association with Luno

bitcoin price

In the markets

The Bitcoin Economy

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

Total Crypto Market Cap

The total capitalization of the entire cryptocurrency market at the time of writing is currently $1,972,246,527,745 against $2,006,814,994,705 yesterday.

What Bitcoin Did Yesterday

We closed yesterday, January 18, 2022, at the price of $42,375.63, down from $42,250.55 the previous day. Yesterday’s daily high was $42,534.40 and the daily low was $41,392.22.

Around this time last year, the price of Bitcoin closed the day at $36,069.81. In 2020, it closed at $8,706.25.

bitcoin market capitalization

The market capitalization of Bitcoin at the time of writing is $790.6 billion. To put it into context, Gold’s market cap is $11.519 trillion and Tesla’s is $1.034 trillion.

bitcoin volume

The total spot trading volume reported by all exchanges in the last 24 hours was $22,913,463,253 versus $22,038,210,159 yesterday. High volumes may indicate that a large price move has stronger support and is more likely to be supported.

Volatility

Bitcoin price volatility over the past 30 days is 41.27%.

Fear and Greed Index

Market sentiment today is 24, in Extreme Fear.

Bitcoin market dominance

Bitcoin market dominance today is 40.39. His lowest ever dominance was 37.09 on January 8, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 34.15. Values ​​of 70 or higher indicate that an asset is becoming overbought and may be primed for a trend reversal or undergoing a price correction – an RSI reading of 30 or lower indicates an oversold or undervalued condition.

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https://www.cityam.com/profile/crypto-am-founders-series/

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Crypto AM: Events

For those of you who missed the 2021 Crypto AM DeFi & Digital Inclusion Online Summit – you can now watch the two-part event via YouTube

part one

https://www.youtube.com/watch?v=dvqNMNZTIDE

Second part

https://www.youtube.com/watch?v=WXhX_-Tr5j0

Cautionary Notes

It’s certainly tempting to get carried away with the excitement, but please heed these caveats: do your own research, only invest what you can afford, and make good decisions. The indicators in this article will hopefully help you. Remember though, the content of this article is for informational purposes only and does not constitute 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 correct as of 08:00 BST

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