Daily market update: Bitcoin’s recovery stalls, but institutional interest from Asia growing
Bitcoin looks to have recovered from its inertia earlier this week, though there’s still challenges ahead. The price briefly rose over $60,000 again yesterday, before news that US Treasury yields were hitting highs not seen for over a year sparked a slide back down to the $58,000 level where it’s currently trading.
There was, however, good news out of Asia, which hasn’t been as onboard with this bull run as some would like. It was announced yesterday that the biggest search engine in South Korea, Naver, has invested in the crypto space. They join Meitu, a leading Chinese technology firm who recently bought almost $100 million worth of crypto. There’s been a lot made of the impact institutional investment has had on this bull run if Asian companies follow suit, will things kick on even further?
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Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is $1,785,790,984,269, up from $1,797,925,480,602 yesterday.
What bitcoin did yesterday
We closed yesterday, 18 March, 2021, at a price of $57,858.92 – down from $58,870.89 the day before.
The daily high yesterday was $60,116.25 and the daily low was $54,528.63.
This time last year, the price of bitcoin closed the day at $5,238.44. In 2019, it closed at $4,032.51.
As of today, buying bitcoin has been profitable for
99.9% of all days since 2013-04-28.
Fear and Greed Index
Bitcoin’s market dominance
Bitcoin's market dominance today is 61.69. Its lowest ever recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 60.23. 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.
What they said yesterday…
My salary is league minimum. But if I’m buying #Bitcoin or better yet, paid in #BTC.. I’m one of the highest paid players. Few understand.
— Sean Culkin (@culkin22)
Crypto markets at a glance
Its really good to understand what the bitcoin world is saying as at 17th march 2021.