Bitcoin continues to show strength amid uncertain markets
The Bitcoin price continues to rise this morning, up another one per cent over the past 24 hours to more than $57k. The largest cryptocurrency has now risen by almost a third in value since the start of October.
Bitcoin’s increase in price is particularly impressive given that it stands broadly alone in its gains this month, with assets across the board seeing drops as markets struggle amid an increasingly uncertain economic climate.
Both gold and silver are down over the past seven days versus a 15 per cent increase for Bitcoin, while the S&P 500 has also been flat since the start of the month.
Bitcoin is also outstripping other cryptocurrencies, with the vast majority seeing losses this morning.
Ethereum is down three per cent since this time yesterday. Only Dogecoin pretender Shiba INU (SHIB) continues to look strong, up another 14 per cent over the last 24 hours and more than 100 per cent over the past week. It’s now the 14th largest cryptocurrency by market cap, making it bigger than Litecoin, Chainlink and Bitcoin Cash – all of which were in the top 10 just months ago.
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Yesterday’s Crypto AM Daily in association with Luno
In the markets
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,319,908,073,871.
What Bitcoin did yesterday
We closed yesterday, October 11 2021, at a price of $57,484.79, up from $54,771.58 the day before. The daily high yesterday was $57,793.04 and the daily low was $54,519.77.
This time last year, the price of Bitcoin closed the day at $11,555.36. In 2019, it closed at $8,336.56.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.077 trillion. To put it into context, the market cap of gold is $11.188 trillion and Facebook is $917.58 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $40,845,111,344, up from $38,336,712,923 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 57.89%.
Fear and Greed Index
Market sentiment today is 78, back in Extreme Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 46.30, up from 45.26 yesterday. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 70.91, up from 70.43 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
Bitcoin is now established, huge amounts of venture-capital money have gone into it, and all the big banks are getting involved.”
Legendary investor Bill Miller
What they said yesterday
Records being set…
Speaks for itself…
Think about it…
So simple, yet so profound…
Crypto AM: Editor’s picks
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
Bitcoin can now be purchased using the Post Office app
Crypto AM: Features
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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 AM: Parliamentary Special
Part one of two – April 2021
Part two of two – April 2021
Five-part series – March 2021
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Cautionary Notes