Strong start to October for cryptocurrency, but can it hold?
It was a slow start to October, though most major cryptocurrencies including Bitcoin, Ethereum and Cardano are all now up over the last week.
Bitcoin is changing hands for more than $20,000 again this morning, up 1.66% over the past 24 hours, and almost 8% over the past seven days to $20,663. Ethereum, the second-largest cryptocurrency by market value, is also up, trading at around $1,353.
Although it may not have seemed like it at times, September was a relatively good month for Bitcoin. The largest cryptocurrency by market value outperformed the stock market in a period marked by macro-economic turmoil.
The broader financial markets have had a tough time of late. The S&P 500 fell by 8% and Nasdaq by 9% over the month. Only gold held its value relatively well, falling by 3%, in alignment with Bitcoin’s performance. Bitcoin’s correlation to gold now sits close to its highest level since 2020. Is the digital gold narrative back?
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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/research
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $966.732 billion.
What Bitcoin did yesterday
We closed yesterday, 4 October 2022, at a price of $20,336.84. The daily high yesterday was $20,380.34 and the daily low was $19,523.84.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $388.47 billion. To put it into context, the market cap of gold is $11.388trillion and Tesla is $776 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $34.825 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 48.59%.
Fear and Greed Index
Market sentiment today is 25, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.78. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 51.76. 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
“Internet-NATIVE payment protocols exist (including for USD), and scaling technology to scale them has arrived.”
Caitlin Long, CEO, Custodia Bank, commenting on the Lightning Network built on Bitcoin
What they said yesterday
No banks involved…
Hello world…
Bitcoin’s deflationary…
Barry Silbert’s Digital Currency Group, was created to introduce Bitcoin to a mainstream audience in a meaningful way and now has members right across the UK.
We share tips, stories and ideas on how to encourage others to try Bitcoin for the first time. And, thanks to support from Luno, each Pioneer gets £500 of Bitcoin a month to share with beginners, helping them get started.
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Crypto AM: Editor’s picks
Three-in-four wealth managers are gearing up for more cryptocurrency exposure
Crypto.com granted FCA licence to operate in UK
Q&A with Duncan Coutts, Principal Technical Architect at IO Global
Jamie Bartlett – on the trail of the missing ‘Cryptoqueen’
MPs are falling silent over potential of cryptocurrency
Erica’s ‘Crypto Wars’ handed honours in Business Book Awards
‘Let people invest’: Matt Hancock makes case for liberal crypto rules
Explained: Why the Treasury is so sold on stablecoins
Fears crypto is used to avoid sanctions ‘misplaced,’ says Matt Hancock
The cryptocurrency fundraisers behind Ukraine’s military effort
Crypto crazy couple name baby after favourite digital asset
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