The crypto market is down again this morning after an impressive rally

The crypto market is down again this morning after an impressive rally that’s seen Bitcoin gain around 70% in a month. The leading cryptocurrency is trading around the $47,000 mark at the time of writing, down about 3% over the past 24 hours

A correction is to be expected after such a long streak of positive price action, as buyers look to take profits. But are we now due a period of consolidation before another move? Will this prove to have been a dead cat bounce, or are many commentators correct in their belief that this is just the start of another bull run in the second half of 2021?

Despite flagging somewhat this week, Bitcoin has still seen a record amount of cryptocurrency transferred through its network. More than $188 billion worth of bitcoin was transferred on Tuesday, according to figures from blockchain data firm Glass node. That’s more than 60% up on what we were seeing in April when the leading cryptocurrency hit all-time highs of more than $60,000.

The network is also looking strong again. The Bitcoin hash rate, which is an indicator of how secure the network is and how hard it would be to attack, has made a remarkable recovery since it crashed following China’s crypto mining clampdown earlier this year. On Tuesday, the hash rate was 152 EH/s – triple what it was when it bottomed out this year on 28 June.Name PricePrice Change (24h)Price change (7 days)Bitcoin (BTC)$46,668.62–3.62%+4.87%Ethereum (ETH)$3,084.84–3.82%+2.58%XRP (Ripple)$1.11–5.53%–2.01%Litecoin (LTC)$170.44–3.98%+2.55%Bitcoin Cash (BCH)$616.20–6.01%–1.91%

Total crypto market cap

The total capitalization of the entire cryptocurrency market at the time of writing is currently $2,019,148,489,105.

What bitcoin did yesterday

We closed yesterday, 26 August 2021, at a price of $48,960.79 up from $47,706.12 the day before.

The daily high yesterday was $49,202.88 and the daily low was $47,163.61

This time last year, the price of bitcoin closed the day at $11,488.36. In 2019, it closed at $10,370.82.

Bitcoin market capitalization

Bitcoin’s market capitalization at the time of writing is $883.18 billion. To put it into context, the market cap of gold is $11.346 trillion and Facebook is $1.038 trillion.

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $34,908,261,845, up from $31,845,570,556 the day before. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.

Volatility

The price volatility of bitcoin over the last 30 days is 46.97%.

Fear and Greed Index

Market sentiment today is 75.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 44.60, Its lowest ever recorded dominance was 37.09 on 8 January, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 56.63. 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

“Bitcoin to $50,000. Great news for bitcoin holders. Bad news for mom and pop. The primary reason I invest in bitcoin, gold, & silver is because I do not trust our leaders, the Fed, Treasury, nor the stock market. Unfortunately mom and pop who save money do.”

— Robert Kiyosaki, author of Rich Dad Poor Dad author

What they said yesterday…

Bitcoin’s pulse reading is strong

Bitcoin corrections are healthy!

— The Moon (@TheMoonCarl) August 25, 2021

Decentralisation in motion

The #Bitcoin miners successfully migrated 40%+ of the hashrate around the world in a few months with no disruption of the network.

— Bitcoin (@Bitcoin) August 25, 2021

Powering up

Oh my. You go fishing one afternoon and look whatcha miss. https://t.co/23ycpbzycD

— Cynthia Lummis ? (@CynthiaMLummis) August 25, 2021

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25/08/2021

Crypto at a Glance

The cryptocurrency markets are broadly down this morning, as the majority experience pullback after recent strong performances. A total of $150 billion in value was wiped off the total value of the cryptocurrency market over the last 24 hours, though it’s still holding at over $2 trillion.

After breaking above $50,000 earlier this week for the first time since May, bitcoin has now fallen back to around $48,000 as of time of writing – down more than 3% over the past 24 hours but still up 7% over the past week.

It’s a similar story across the board, with alt coins experiencing even greater retraces. Ethereum is down around 5% to $31,150, while XRP and Bitcoin Cash have seen even greater declines of around 7%. Will they recover before the weekend?

In the news, Deloitte’s recent blockchain report has found that the majority of financial professionals expect digital assets to replace government-issued currencies within a decade. In the survey, 76% said bitcoin and crypto could serve as an alternative to or replacement for fiat currencies in the next five to 10 years. Will they be proved right?Name PricePrice Change (24h)Price change (7 days)Bitcoin (BTC)$48,437.32–2.80%+6.97%Ethereum (ETH)$3,207.21–4.43%+4.59%XRP (Ripple)$1.17–7.36%+4.46%Litecoin (LTC)$177.50–5.30%+3.93%Bitcoin Cash (BCH)$654.02–4.12%+2.31%

Total crypto market cap

The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,088,431,111,122.

What bitcoin did yesterday

We closed yesterday, 25 August, 2021, at a price of $47,706.12 down from $49,546.15 the day before.

The daily high yesterday was $49,878.77 and the daily low was $47,687.12

This time last year, the price of bitcoin closed the day at $11,366.14. In 2019, it closed at $10,138.52.

Bitcoin market capitalization

Bitcoin’s market capitalization at the time of writing is $909.88 billion. To put it into context, the market cap of gold is $11.415 trillion and Facebook is $1.03 trillion.

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $31,845,570,556. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.

Volatility

The price volatility of bitcoin over the last 30 days is 47.32%.

Fear and Greed Index

Market sentiment today is 73.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 44.31, Its lowest ever recorded dominance was 37.09 on 8 January, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 63.82. 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

“Crypto’s not a fad. There are elements of this, certainly, that feel a little speculative and bubbly… but if we zoom out and look at the secular 10-, 20-year trend… we view crypto as a fundamental enabling component of this new digital world.”

— Meltem Demirors, Influencer

What they said yesterday…

Relentless

MicroStrategy has purchased an additional 3,907 bitcoins for ~$177 million in cash at an average price of ~$45,294 per #bitcoin. As of 8/23/21 we #hodl ~108,992 bitcoins acquired for ~$2.918 billion at an average price of ~$26,769 per bitcoin. $MSTRhttps://t.co/8jUlJImJbO

— Michael Saylor⚡️ (@michael_saylor) August 24, 2021

Big

A report from Deloitte discovered 76% of finance professionals believe #bitcoin and other cryptos could replace fiat currency in less than 10 years…

damn.

— Layah Heilpern: Undressing Bitcoin coming soon! ? (@LayahHeilpern) August 24, 2021

Nice