Crypto at a glance
A rough weekend for leading cryptocurrencies saw the total market cap plunge below $2 trillion on Sunday for the first time in just over a week, though a recovery overnight has seen many come charging back. Can they now pick up where they left off last week?
The weekend’s antics were led by a huge fall for Bitcoin, which plunged 15 per cent in a single day yesterday to around $52,000. That represents a fall of more than $12,000 from last Wednesday’s all-time high of almost $65,000.
The drop comes off the bat of last week’s Coinbase listing, with many possibly still trying to decide whether the corresponding price bounce was temporary or if it has a bit more longevity. There have been a host of plausible explanations given for the fall though, with FUD running rampant.
Sunday also saw the single largest one-day drop in mining hash rate since Nov 2017, with the hash rate on the network essentially halving.
There was speculation that the US Treasury may crack down on money laundering carried out through digital assets, while CNBC last night tweeted as new a month-old report on India preparing to possibly ban cryptocurrencies in India.
Whatever the reasons, it seems none of these have proved particularly sticky as we head into the new week. What was a bad weekend across the board has turned sharply, and the majority of cryptocurrencies are still up over the past seven days.
Ripple’s XRP ended its incredible recent run, falling from $1.74 on Saturday to $1.17 yesterday, but has since recovered to $1.44 at time of writing. Can it continue to recoup its losses?
Bitcoin Cash is also making up ground again, having drifted down the rankings of late. It’s now back in the top 10 and trading at an all-time high of almost $1,000.
Dogecoin is now changing hands at just below $0.40, up almost 400 per cent on the week. It’s now the sixth largest cryptocurrency by market cap. What a time to be alive!
All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻
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Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,099,226,049,323.
What Bitcoin did yesterday
We closed yesterday, April 18 2021, at a price of $56,216.19 – down from $60,683.82 the day before.
The daily high yesterday was $61,057.46 and the daily low was $52,829.54.
This time last year, the price of bitcoin closed the day at $7,257.66. In 2019, it closed at $5,298.39.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.072 trillion. To put that into context, the market cap of gold is $11.3 trillion and Alphabet (Google) is $1.544 trillion.
The total spot trading volume reported by all exchanges over the…