Bitcoin recovers after black and blue Friday for financial markets
The cryptocurrency markets are currently in recovery mode after Friday’s crash saw the Bitcoin price fall to $53k. Bitcoin is currently up five per cent over the past 24 hours, changing hands for just above the $57k level. Ethereum is also up seven per cent to more than $4,300, having fallen below $4,000 on Friday and then again yesterday.
Friday’s crash hit all financial markets, with fears of the new Omicrom covid variant raising the spectre of new lockdowns and more financial devastation.
The World Health Organization has labeled Omicron “a variant of concern,” but details of how transmissible or virulent the strain is remain sparse.
The stock markets saw their biggest losses in a year on Friday, though they now appear to be stabilising, despite a number of governments re-introducing new travel rules. Has relatively quick action settled markets before more serious damage could be done?
Elsewhere, the majority of cryptocurrencies are up today as they recover from the weekend’s losses. Solana (SOL) and Polkadot (DOT) are the day’s big gainers, both increasing in value by around seven per cent since yesterday morning.
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Friday’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 $2,571,293,358,961.
What Bitcoin did yesterday
We closed yesterday, November 28 2021, at a price of $57,248.46, up from $54,815.08 the day before. The daily high yesterday was $57,393.84 and the daily low was $53,576.74.
This time last year, the price of Bitcoin closed the day at $18,177.48. In 2019, it closed at $7,761.24.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.084 trillion. To put it into context, the market cap of gold is $11.418 trillion and Tesla is $1.086 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $29,481,898,893. 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 46.82%.
Fear and Greed Index
Market sentiment today is 33, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.77. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 47.16. 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
“I am very positive about crypto. It is fundamentally based on cryptography and will be the mainstream technology in a few years like the internet which is (now) part of daily life.”
Vijay Shekhar Sharma, the founder of Paytm
What they said yesterday
They don’t stop…
And it barely flinches…
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