Crypto markets steady as major coins stabilise
The cryptocurrency markets are broadly flat this morning, with Bitcoin (BTC) stabilising around the $60,000 support level after dropping 15 per cent from its recent record high of around $69,000.
The leading cryptocurrency is changing hands for $59,400 at time of writing, moving just 0.12 per cent over the past 24 hours.
Ethereum has also slightly improved over the last 24 hours, up more than two per cent in the last day to $4,200. Other leading cryptocurrencies are similarly steady, with Crypto.com coin (CRO) and Avalanche (AVAX) once again the standout performers – up 30 per cent and nine per cent respectively.
The recovery comes as inflation continues to hit record highs. Yesterday saw UK inflation hit a 10-year high of 4.2 per cent, driven primarily by higher energy. Michael Saylor yesterday sparked debate online around whether Bitcoin could replace gold as an inflation hedge. Are we about to find out?
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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 $2,618,779,329,807, up from $2,457,072,592,351 yesterday.
What Bitcoin did yesterday
We closed yesterday, November 17 2021, at a price of $60,368.01, up from $60,161.25 the day before. The daily high yesterday was $60,823.61 and the daily low was $58,515.41.
This time last year, the price of Bitcoin closed the day at $17,804.01. In 2019, it closed at $8,309.29.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.129 trillion. To put it into context, the market cap of gold is $11.852 trillion and Tesla is $1.093 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $38,053,057,954, down from $42,136,691,746 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 44.3%.
Fear and Greed Index
Market sentiment today is 54, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.98. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 44.62. 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 don’t think there’s anything more important in my lifetime to work on.”
Jack Dorsey on Bitcoin
What they said yesterday
Do a little homework…
That’s a home run in our books…
Think about it…
There’s been a solution to this for years…
We’ve come a long way, and there’s still a long way to go…
Crypto AM: Editor’s picks
Boots, Ocado and Homebase to offer millions of Brits Bitcoin cashback
Bitcoin’s long-awaited Taproot upgrade has arrived
NFTs set to fund new cryptocurrency movie
El Salvador begins mining Bitcoin using volcanic energy
Bitcoin booms but Hong Kong listed crypto stocks slide in wake of China crackdown
Binance probed over suspected insider trading
Cardano Alonzo upgrade sees 100 smart contracts in first 24 hours
Crypto AM: Features
Crypto AM: Spotlight
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 AM: Parliamentary Special
Part one of two – April 2021
Part two of two – April 2021
Five-part series – March 2021
Day one…
Day two…
Day three…
Day four…
Day five…
Crypto AM: Events
Cautionary Notes