Bitcoin and co take a breather as markets wait for US to wake up
Bitcoin and its crypto cohorts took a well-earned breather yesterday, after a monumental push which saw huge lifts right across the board.
After notching an all-time high that kissed $67,000 on Wednesday, BTC dropped the anchor while it waited for the altcoin fleet to catch up.
Ethereum led the charge – coming tantalisingly close to its all-time high of $4,384 set on May 12. In fact, ETH yesterday stretched up and planted its flag a mere ten dollars below that line.
Clearly recovering, and no doubt out of breath, Bitcoin closed yesterday almost on $62,000, with Ethereum on $4,050. However, an early start saw both market leaders drive upwards again today.
Bitcoin is currently changing hands for $63,500, while Ethereum is back up in the realms of $4,150.
Bear in mind this is before much of the US has even considered breakfast. Will we lifts again when the coffee has been appreciated coast-to-coast?
Others to look out for are Cardano which, largely unmoved by the week’s rollercoaster, looks like it wants to join the party after pulling away from the $2 line and back towards $2.25.
Polkadot also seems to be enjoying some surges as it continues its remarkable march above $45 today.
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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 $2,586,120,356,142.
What Bitcoin did yesterday
We closed yesterday, October 21 2021, at a price of $62,210.17, down from $65,992.84 the day before. The daily high yesterday was $66,600.55 and the daily low was $62,117.41.
This time last year, the price of Bitcoin closed the day at $12,965.89. In 2019, it closed at $8,078.20.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.181 trillion. To put it into context, the market cap of gold is $11.398 trillion and Facebook is $963.91 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $43,165,271,073, down from $45,566,193,992 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 48.81%.
Fear and Greed Index
Market sentiment today is 75, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 45.73, down from 46.36 yesterday. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 66.03, down from 72.55 yesterday. 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
Gold was the monetary index of the 19th century until it was replaced by an array of regional stock indexes in the 20th century. Bitcoin will be the primary monetary index of the 21st century
Michael Saylor, entrepreneur and business executive
What they said yesterday
It’s decentralised…
Almost instantly…
The future is now…
A hodler’s delight…
Crypto AM: Editor’s picks
Bank of England: Crypto regulation must be pursued as ‘matter of urgency’
Former Chancellor Philip Hammond joins crypto start-up Copper
El Salvador begins mining Bitcoin using volcanic energy
Bitcoin booms but Hong Kong listed crypto stocks slide in wake of China crackdown
Cardano promises ‘industry-defining announcements’ at its biggest ever summit
Binance probed over suspected insider trading
Cardano Alonzo upgrade sees 100 smart contracts in first 24 hours
Morgan Stanley to launch new research team led by Sheena Shah
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