‘Ethereum killers’ hog limelight as Ethereum Classic continues run and Cardano hits another all-time high
Crypto at a glance
It was the so-called ‘Ethereum killers’ day to shine yesterday, with the likes of Cardano (ADA) and Ethereum Classic (ETC) continuing to soar. ADA hit a new all-time high of $1.70, as the project continues its march towards the long-awaited introduction of smart contracts.
ETC, meanwhile, was up another 40 per cent to $133. It’s now up more than 280 per cent over the last week – astonishing for a project that’s hit so many snags over the last year. Will they really give Ethereum a run for its money, or are they simply basking in its glow at the moment as traders look for growth potential in alternatives with a similar value proposition?
They’ll certainly have a battle on their hands if they do, with Ethereum continuing to see gains. It came within a nose hair of $3,600 yesterday, before falling back again to the $3,450 level. The smart contract giant is currently the 20th largest asset by market capitalisation, having this week flipped Mastercard, Walmart and Bank of America. It’s now got JP Morgan within its sights. Will it manage to overtake the US banking giant and recovering-crypto sceptic this weekend? Is it due a correction, or can it ride a wave to $5,000.
Bitcoin also had a strong day of trading yesterday, despite its market dominance falling again. It currently accounts for just 45 per cent of the total crypto market – a low not seen since July 2018. The leading cryptocurrency’s price hit just over $58,000, before seeing a retrace along with the rest of the crypto markets. It’s currently changing hands for just under $56,000.
There was another boost for Bitcoin as payment giant Square announced a 266 per cent increase in revenue year over year to $5.06 billion. That eye-popping jump in revenue was credited primarily with Square’s decision to let customers buy and sell Bitcoin by means of its Cash App. Its sister company, Twitter yesterday also announced the introduction of a tip jar that allows you to donate to contributors, leading some to speculate a crypto tie-in would be the logical method of payment. What will that mean for the space?
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Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,374,184,894,765, up from $2,351,040,971,145 at this time yesterday.
What Bitcoin did yesterday
We closed yesterday, May 6 2021, at a price of $56,396.51, down from $57,424.01the day before.
The daily high yesterday was $58,363.31 and the daily low was $55,382.51.
This time last year, the price of bitcoin closed the day at $9,268.76. In 2019, it closed at $5,746.81.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.051 trillion, down from $1.062 trillion yesterday. To put that into context, the market cap of gold is $11.559 trillion and Alphabet (Google) is $1.581 trillion.
The total spot trading volume reported by all exchanges over the last 24 hours was $73,161,855,962, up from $67,719,982,282 yesterday. 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 58.17%.
Fear and Greed Index
Market sentiment is up to 64, down from 65 yesterday.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 45.25, down from 46.20 yesterday. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 50.21, down from 51.41 yesterday. 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
“Our focus, first and foremost, is on enabling … bitcoin to be the native currency. It removes a bunch of friction for our business. And we believe fully that it creates more opportunities for economic empowerment around the world.”
– Jack Dorsey, CEO of Square and Twitter
What they said yesterday
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Crypto AM Editor writes
Ethereum yet to take off and is on track for $5,200 soon say experts…
Ethereum punches through $3,000 with market cap bigger than Bank of America…
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Cardano teams up with Save the Children for humanitarian initiative…
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Binance jumps on the NFT market…
Ethiopia overhauls its educational system with IOHK blockchain partnership…
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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.