Bitcoin and Ethereum up again as crypto market cap surpasses $1 trillion
The market capitalisation of the entire cryptocurrency market topped $1 trillion this morning, the first time since October 4.
While markets have cooled down ever so slightly from yesterday’s action, Bitcoin continues to trade in the green this morning at $20,647, up slightly by 0.21%. Ethereum is also trading up around $1,548, recording gains of 19% over the week.
Growth in many second-generation smart contract cryptocurrencies have stalled since yesterday, after what seemed to be a rally piggybacking on Ethereum. Cardano and Solana are both down this morning, albeit by less than a percentage point.
Bitcoin’s rise above the $20,000 mark yesterday led to massive short liquidations, around $1.3 billion worth, giving the price of the leading crypto by market cap a further lift. Will we see a break in the action as we head into the weekend, or perhaps a continued rally to $21,000?
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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/research
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1.002 trillion.
What Bitcoin did yesterday
We closed yesterday, October 26 2022, at a price of $20,770. The daily high yesterday was $20,938, and the daily low was $20,076.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $398.588 billion. To put it into context, the market cap of gold is $10.998 trillion and Tesla is $698.85 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $57.604 billion. 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 31.34%.
Fear and Greed Index
Market sentiment today is 32, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.43. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 61.52. 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 has dug itself into finance, into technology, and into our heads. And if crypto isn’t going away, we’d better attempt to understand it.”
Bloomberg, in the foreword of its issue dedicated entirely to cryptocurrencies
What they said yesterday
Parabolic adoption…
And more adoption…
Perfect sense…
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Crypto AM: Features
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: Contributors
Crypto AM: In Conversation with James Bowater
Crypto AM: Tomorrow’s Money with Gavin S Brown
Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
Crypto AM: Visions of the Future, Past & Present with Alex Lightman
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry
Crypto on the catwalk
Crypto AM: Events
For those of you who missed the Crypto AM DeFi & Digital Inclusion online summit 2021 – you can now watch the event in two parts via YouTube
Part One
https://www.youtube.com/watch?v=dvqNMNZTIDE
Part Two
https://www.youtube.com/watch?v=WXhX_-Tr5j0
Cautionary Notes
It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. City PM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.
All information is correct as of 08:00 BST