Ethereum wakes up as Chinese institution hops on the crypto bus
Crypto at a Glance
Happy Monday! A weekend of good news for cryptocurrency could bode well for the week ahead.
In the US, the Senate passed President Joe Biden’s $1.9 trillion Covid-19 relief package on Saturday. Analysts have speculated that this is a positive development for Bitcoin and other safe haven assets as it will eventually lead to inflation. It could also unleash another wave of demand for crypto if stimulus cheque recipients use the cash to buy cryptocurrencies.
The markets seem to agree with the analysts. The price of Bitcoin swiftly jumped $500 in the immediate aftermath of the news and Bitcoin spent the weekend trading at around the $50,000 level.
It’s currently hovering just below that important psychological mark. The stimulus bill heads back to the House where it will be voted on Tuesday, according to media reports.
The stimulus announcement wasn’t the only piece of good news this weekend. Chinese tech giant Meitu announced that it had purchased $22.1 million worth of Ethereum and $17.9 million worth of Bitcoin. They join a growing list of institutional investors jumping on board the crypto bus, though excitingly they’re the first from China to do so.
Will the move spark a way of copycats from the country? The company also said that it is “evaluating the feasibility of integrating blockchain technologies to its various overseas businesses” including possibly launching Ethereum-based apps.
Ethereum generally seems to have woken from its slumber this weekend, soaring back to over $1,700 again on Sunday. Will it manage to maintain the momentum for the rest of the week? Elsewhere, Uniswap has cracked the top 10 for the first time after hitting a new all-time high of more than $34 – Bitcoin Cash making way for the upstart cryptocurrency and dropping out of the top 10. The fall marks a steady decline for the cryptocurrency, which has risen steadily in price but been overtaken by other rivals. Will Uniswap manage to keep its place in the top 10 now?
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In the Markets
|Name||Price||Price Change (24h)||Price Change (7 days)|
|Binance Coin (BNB)||$232.09||+2.19%||+4.63%|
|Crypto market cap||$1,540,175,539,967|
|MVIS CryptoCompare Digital Assets 100 Large-Cap Index||-1.99|
|MVIS CryptoCompare Digital Assets 100 Small-Cap Index||-0.79|
|MVIS CryptoCompare Ethereum VWAP Close Index||+1.69|
|Prices and data as of [08:30, 8/03/2021]||Source: CryptoCompare.com, MVIS|
The Bitcoin Economy
*Definitions and insights can be found at https://bytetree.com/insights/
What Bitcoin did yesterday
We closed yesterday, March 7 2021, at a price of $51,206.69 – up from $48,912.38 the day before. That’s the highest daily close since 22 February.
The daily high yesterday was $51,384.37 and the daily low was $48,918.68.
This time last year, the price of bitcoin closed the day at $8,909.95. In 2019, it was $3,911.48.
As of today, buying Bitcoin has been profitable for…
99.9% of all days since 2013-04-28.
Bitcoin market capitalisation
Bitcoin’s market capitalisation is $923,187,647,227 at time of writing. For context, the total market cap of gold is $10.772 trillion.
The volume traded over the last 24 hours was $45,890,393,684. 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 was 79.63%.
Fear and Greed Index
Market sentiment is still in Extreme Greed at 81.
Bitcoin’s market dominance
Bitcoin’s market dominance is 61.01. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is 54.53. 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
“Blockchain technology has the potential to disrupt both existing financial and technology industries, similar to the manner in which mobile internet has disrupted the PC internet and many other offline industries […] The Board believes cryptocurrencies have ample room for appreciation in value and by allocating part of its treasury in cryptocurrencies can also serve as a diversification to holding cash (which is subject to depreciation pressure due to aggressive increases in money supply by central banks globally) in treasury management.”
Chinese photo editing app, Meitu
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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.