Bitcoin eases away from all-time high after dropping to $65,000
Bitcoin continued its streak yesterday, setting another new record high price of $68,500.
However, a flash crash saw a sharp dip to $64k before recovering to around $65k where it’s currently changing hands. Can it take another run up to the $70k milestone?
The all-time high followed higher-than-expected US inflation figures for October. The US Labor Department said Wednesday that the October consumer price index was up 6.2 per cent year-on-year. That’s its highest reading in three decades. Gold also rose on the news, reaching its highest level since June.
Elsewhere, Ethereum took a similar trajectory yesterday, hitting a new all-time high of $4,850 before seeing a pullback. It’s currently changing hands for just over $4,700. There were also deeper drops down the board, with only Chainlink (LINK) and Algorand (ALGO) seeing green shoots.
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Yesterday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
*Definitions and insights can be found at https://bytetree.com/insights/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,856,486,208,926, down from $2,855,092,948,994 yesterday.
What Bitcoin did yesterday
We closed yesterday, November 10 2021, at a price of $64,995.23, down from $66,971.83 the day before. The daily high yesterday was $68,789.63 and the daily low was $63,208.11.
This time last year, the price of Bitcoin closed the day at $15,290.90. In 2019, it closed at $9,055.53.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.229 trillion. To put it into context, the market cap of gold is $11.843 trillion and Meta (Facebook) is $911.41 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $50,797,268,038, up from $37,986,530,921 yesterday. 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 43.07%.
Fear and Greed Index
Market sentiment today is 77.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.42. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 60.02. 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.
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