Momentum falters for Bitcoin but alts show fresh signs of life
Bitcoin’s buoyant start to October is showing signs of flagging, with the price dropping more than four per cent over the past 24 hours from more than $57k to around $55k this morning.
The largest cryptocurrency is still up by more than seven per cent week-on-week and its market cap continues to hold above $1 trillion, but can it get back on track or does it have further to fall?
While Bitcoin stutters somewhat, the alt markets are looking more pepped up this morning and appear to be making a move out of the market leader’s shadow.
Ethereum is down again this morning, dropping one per cent to below $3,500. But, elsewhere, signs of life are beginning to re-emerge.
Binance Coin is up 14 per cent since yesterday morning to more than $450, sparked by news that Binance will inject another $1 billion to Binance Smart Chain (BSC) project.
Solana and Polkadot are also both up, recovering some recent losses and increasing in value by around three per cent at time of writing. The big loser today is recent-riser Shiba Inu, which is down 10% following its recent meteoric rise.
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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 $2,276,602,881,404.
What Bitcoin did yesterday
We closed yesterday, October 12 2021, at a price of $56,041.06, down from $57,484.79 the day before. The daily high yesterday was $57,627.88 and the daily low was $54,477.97.
This time last year, the price of Bitcoin closed the day at $11,425.90. In 2019, it closed at $8,321.01.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.04 trillion. To put it into context, the market cap of gold is $11.201 trillion and Facebook is $912.85 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $40,196,974,752, down from $40,845,111,344 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 57.69%.
Fear and Greed Index
Market sentiment today is 70, back in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 45.23, down from 46.30 yesterday. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 64.45, down from 70.91 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
“The best strategy is to buy bitcoin and wait.”
Michael Saylor
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