Bitcoin within touching distance of all-time high following successful ETF launch – CityAM : CityAM
Bitcoin is currently hovering just below record levels, the day after ProShares rung the bell on the first ever Bitcoin futures exchange-traded fund in the US, which has now officially launched on the New York Stock Exchange.
The leading cryptocurrency is currently up three per cent over the past 24 hours, changing hands for just above $64k – – only a few hundred dollars off its all-time high. Is today the day?
Despite the increasing price, trading volume is still some way off earlier in the year. However, it continued its climb last week and currently sits at $7.2 billion. October 15 was a huge trading day, with a volume of more than $12 billion – the highest we have seen in almost six months.
The same day, the Bitcoin price increased by 7.6 per cent, showing that significant daily volumes do coincide with the most significant increases in the price. These developments signal a renewed interest in Bitcoin after a sleepy summer.
Looking down the ranks, it continues to be largely quiet. Ethereum (ETH), the second-largest cryptocurrency, is up around one per cent since yesterday morning at $3,860, still some way off its all-time high of $4,380, hit on May 12. Only Terra (LUNA) has seen movement of more than one per cent in either direction, up five per cent over the past 24 hours.
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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 $2,520,850,473,563.
What Bitcoin did yesterday
We closed yesterday, October 19 2021, at a price of $64,261.99, up from $62,026.08 the day before. The daily high yesterday was $64,434.53 and the daily low was $61,622.93.
This time last year, the price of Bitcoin closed the day at $11,916.34. In 2019, it closed at $8,222.08.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.203 trillion. To put it into context, the market cap of gold is $11.285 trillion and Facebook is $958.58 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $37,550,307,023, down from $39,774,758,406 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 54.01%.
Fear and Greed Index
Market sentiment today is 82, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 47.35, up from 46.80 yesterday. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 73.97, down from 72.44 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
When Cameron [Winklevoss] and I first proposed a bitcoin ETF in July 2013, the price of bitcoin was $68. Today, upon the launch of two bitcoin futures ETFs, the price of bitcoin is $64,000. That’s almost a 1000x return in the meantime. I’m glad we got here, but it has taken too long.— Tyler Winklevoss, American investor, founder of Winklevoss Capital Management
What they said yesterday
To the moon 🚀
#Bitcoin just made the highest daily close EVER! 🚀🙌— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) October 20, 2021
Got there in the end…
When @cameron and I first proposed a bitcoin ETF in July 2013, the price of bitcoin was $68.Today, upon the launch of two bitcoin futures ETFs, the price of bitcoin is $64,000.That’s almost a 1000x return in the meantime. I’m glad we got here, but it has taken too long.— Tyler Winklevoss (@tyler) October 19, 2021
What does that tell you?
There are 38.1 million bitcoin addresses with a non-zero balance.That means the existing addresses can’t all own 1 full bitcoin, let alone the remaining 7+ billion people globally.— Pomp 🌪 (@APompliano) October 20, 2021
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Bank of England: Crypto regulation must be pursued as ‘matter of urgency’
(Getty Images)
Former Chancellor Philip Hammond joins crypto start-up Copper
Former Chancellor of the Exchequer Philip Hammond joins crypto start up Copper (Photo by Jeff J Mitchell/Getty Images)
El Salvador begins mining Bitcoin using volcanic energy
El Salvador, the first country in the world to make Bitcoin legal tender, has mined over £200 worth of BTC using volcanic energy (Photo by Sean Gallup/Getty Images)
Bitcoin booms but Hong Kong listed crypto stocks slide in wake of China crackdown
(Getty Images)
Cardano promises ‘industry-defining announcements’ at its biggest ever summit
(Getty Images)
Binance probed over suspected insider trading
(Getty Images)
Cardano Alonzo upgrade sees 100 smart contracts in first 24 hours
(Getty Images)
Morgan Stanley to launch new research team led by Sheena Shah
(AFP via Getty Images)
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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