Last week’s mini rally a distant memory as Bitcoin and Ethereum lose ground
The negative sentiment seen in equity markets last week may have seeped into cryptocurrency circles.
Bitcoin is down 2.5% from yesterday, trading for $20,773 this morning, but the original cryptocurrency is still holding on to a 0.7% price increase over seven days. Ethereum is down by 3.7% over 24 hours, changing hands for $1,566.
Third-generation smart contract cryptocurrencies have also lost steam. Cardano is down 4% from yesterday while Solana has taken a hit and is trading 12.8% lower over the same period. Some consolation is that the entire market capitalisation is still holding strong above the important $1 trillion level.
While crypto markets are down, equity markets have won back some ground following a tough week. The Nasdaq is up 1.28% on the day, and is followed by the SP500, which is also in the green by 1.3%.
Investors will no doubt be keeping an eye on Thursday’s Consumer Price Index (CPI) numbers for October. Experts see CPI coming down ever so slightly from September, but they expect core CPI, which discounts food and energy prices, to remain virtually unchanged, possibly spelling continued rate hikes by the Fed.
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Friday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
*Data can be found at https://terminal.bytetree.com/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1.026 trillion.
What Bitcoin did yesterday
We closed yesterday, 6 November 2022, at a price of $20,926.49. The daily high yesterday was $21,345.38, and the daily low was $20,920.19.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $398.31 billion. To put it into context, the market cap of gold is $11.089 trillion and Tesla is $645.43 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $44.169 billion. 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 28.29%.
Fear and Greed Index
Market sentiment today is 33, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 40.72. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 56.23. 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
“We don’t need to believe anything Satoshi wrote in his post about how the software works. We can look at the code and verify how it works for ourselves.”
Yan Pritzker, Author
What they said yesterday
All we need is time…
Long may it last…
Fix the money, fix the misinformation…
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Crypto AM: Features
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 on the catwalk
Crypto AM: Events
For those of you who missed the Crypto AM DeFi & Digital Inclusion online summit 2021 – you can now watch the event in two parts via YouTube
Part One
https://www.youtube.com/watch?v=dvqNMNZTIDE
Part Two
https://www.youtube.com/watch?v=WXhX_-Tr5j0
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