Unexpected green lights appear for Bitcoin, Ethereum and most altcoins

by James · March 1, 2023

Wednesday 1 March 2023 at 10:57

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

The leading crypto by market cap is trading at $23,740, up more than 2% over 24 hours. Ethereum is trading in a similar range at $1,652, also in the green by 1.8%. That’s a departure from the SP500 and Dow Jones, with both indexes 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 their positions over 24 hours.

This whipsaw in the markets follows analysts’ predictions of a battle for a Bitcoin price level of $25,000, which, if won, could 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 firm grip on inflation.

Yesterday’s Crypto AM Daily in collaboration with Luno

In the markets

The Bitcoin Economy

*Data can be found at

Total market cap of crypto

The total capitalization 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 value

Bitcoin’s market value this morning was $458,557 billions. To put that into context, the market cap for gold is $12.143 trillion and Tesla is $650.88 billion.

Bitcoin volume

The total spot trading volume reported by all exchanges in the last 24 hours was 23,400 billion dollars. High volumes can indicate that a significant price move has stronger support and is more likely to be sustained.

Volatility

The price volatility of Bitcoin in the last 30 days is 38.74%.

Fear and Greed Index

The market sentiment today is 50in neutral.

Bitcoin’s market dominance

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

Relative Strength Index (RSI)

The daily RSI is currently 54.82. Values of 70 or higher indicate that an asset is overbought and may be poised for a trend reversal or experience a correction in price – an RSI reading of 30 or lower indicates an oversold or undervalued condition.

Convince your family: Today’s soundbite

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

Ray Dalio, investor