This week in crypto, with Jason Deane
If Bitcoin price is your metric, it’s been a quiet week with Bitcoin holding steady in the $56,000 – $58,000 range.
But, of course, that’s only part of the story.
Looking at what’s going on under the hood gives you an inkling of what might be coming. Did you know, for example, that Bitcoin’s on-chain total daily transaction volume has only topped $30 billion for a total of five days of its entire life? What’s more interesting is that four of those days occurred in the last eight days.
This coincided with a (short lived) five-month high in the mempool – the area where Bitcoin transactions go to be processed by miners. Bitcoin’s value is its network, the higher the use, the higher its value.
In other words, while the price ranges, use and adoption continues to grow unabated on a daily basis behind the scenes, indicating a strong and stable network. You might even be tempted to say that we are even seeing the very earliest signs of maturity, where price is no longer moved by single announcements in the same way it once was.
That said, we have a very long way to go. Only a tiny percentage of the world is using Bitcoin in relative terms but it’s clear that, as more and more currencies debase (Turkey being the most topical right now), Bitcoin is the only real obvious choice for an increasing number of people. It’s no surprise that countries like Kenya, Nigeria, South Africa, and Tanzania have seen some of the highest grass roots adoption of Bitcoin on the planet in the first half of this year according to data provided by Chainalysis.
Meanwhile, in economies with so-called ‘hard currencies’ like the dollar and pound, Michael Saylor continues his public mission to explain why “Bitcoin is the oxygen mask” in a world that is rapidly running out of (financial) oxygen in a stellar interview on the Tucker Carlson show this week. Cited as one of his most compelling appearances to date, it’s sure to start the ball rolling for many, from ma and pa investors to large cap CEOs.
Interesting then, that a number of tier one banks announced they are developing Bitcoin backed loans to launch in the next 6-12 months shortly after it aired.
Of course, that was probably just a coincidence. Right?
Have a great weekend!
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In the markets
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,616,848,924,346, up from $2,601,409,392,214 yesterday.
What Bitcoin did yesterday
We closed yesterday, December 2 2021, at a price of $56,477.82, up from $57,229.833 the day before. The daily high yesterday was $57,349.23 and the daily low was $55,895.13.
This time last year, the price of Bitcoin closed the day at $19,445.40 . In 2019, it closed at $7,320.15.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.076 trillion. To put it into context, the market cap of gold is $11.267 trillion and Tesla is $1.089 trillion.
The total spot trading volume reported by all exchanges over the last 24 hours was $31,760,622,905, down from $37,216,901,780 yesterday. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.
The price volatility of Bitcoin over the last 30 days is 46.86%.
Fear and Greed Index
Market sentiment today is 31, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.56. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 46.71. 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.
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