Leap in Bitcoin trading volumes as flagship cryptocurrency steers a course for $21k
The spot trading volume for Bitcoin is up from $32.308 billion to $44.903 billion over 24 hours, a sign that investors took profit yesterday as Bitcoin threatened $21,000 but lost steam as the day went on.
At $20,630, the leading cryptocurrency by market cap is still trading in the green this morning, up 0.25% in the last 24 hours. Ethereum has barely moved and is changing hands for $1,591, after reaching $1,600 yesterday.
Traditional markets have again dipped in the red, with the SP500, Dow Jones and Nasdaq all down this morning. Execs at JP Morgan and Goldman Sachs warned last week of further rate hikes until early 2023, spelling continued downward trends in equity markets for the foreseeable future.
Will we see cryptocurrency markets follow their own path in the coming months?
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Yesterday’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 $1.024 billion.
What Bitcoin did yesterday
We closed yesterday, October 31 2022, at a price of $20,495. The daily high yesterday was $20,79, and the daily low was $20,287.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $393.413 billion. To put it into context, the market cap of gold is $10.858 trillion and Tesla is $707.87 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $44,939 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 28.97%.
Fear and Greed Index
Market sentiment today is 30, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 40.36. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 57.96. 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
“A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.”
Satoshi Nakamoto, Bitcoin founder(s), in the Bitcoin white paper
What they said yesterday
Turn up the radio…
Tech has evolved, so has money…
Zap…
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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