Ethereum sets new record high as US mayors compete for Bitcoin pay
It’s been a strong start to the week for the Bitcoin price, which is up around six per cent over the past 24 hours to just below $66k. That puts it within touching distance of its recent record of more than $67k, the highest it’s been in almost three weeks. In a number of regions, including South Africa, it’s actually already set new all-time highs.
The bounce comes as competition hots up among US mayors to establish their city as the home of crypto innovation. Mayor of Miami Francis Suarez last week said he would take his next paycheck exclusively in Bitcoin. Not to be outdone, New York’s Mayor-elect Eric Adams said he will take his first three paychecks in the cryptocurrency. Will anyone bid the next five paychecks?
It’s better news for Ethereum (ETH), which has this morning set another new record high. The second-largest cryptocurrency is currently changing hands for just above $4,700, up 2.6 per cent over the past 24 hours.
Ethereum has now set a number of record highs over the past two weeks and is tantalisingly close to $5k, which would represent a major psychologically important landmark. Can it get there?
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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 $2,854,651,064,706.
What Bitcoin did yesterday
We closed yesterday, November 7 2021, at a price of $63,326.99, up from $61,527.48 the day before. The daily high yesterday was $63,326.99 and the daily low was $61,432.49.
This time last year, the price of Bitcoin closed the day at $15,479.57. In 2019, it closed at $8,804.88.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.245 trillion. To put it into context, the market cap of gold is $11.551 trillion and Meta (Facebook) is $948.94 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $32,610,399,793. 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 38.06%.
Fear and Greed Index
Market sentiment today is 75.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.73. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 67.69. 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
“Our [Square] focus is on helping Bitcoin to become the native currency for the internet.”
Jack Dorsey
What they said yesterday
The music hasn’t even started yet…
Who do you trust more?
Not the last time a record will be set…
Crypto AM: Editor’s picks
Mayor of New York reveals he will be paid in Bitcoin
NFTs set to fund new cryptocurrency movie
Matt Damon becomes latest celebrity to endorse cryptocurrency
Bank of England: Crypto regulation must be pursued as ‘matter of urgency’
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
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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
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