The cryptocurrency markets are down this morning, with the prices of both Bitcoin and Ethereum dropping almost 10% over the past 24 hours.
Bitcoin – the largest cryptocurrency by market cap – has slipped below $60k for the first time in two weeks. The drop follows the Taproot upgrade to the network at the weekend, an event that many speculated may drive the price higher. It could be that this was already ‘priced in’, meaning people had bought Bitcoin in anticipation of higher demand which did not immediately come to fruition.
The price drop also followed comments by Twitter’s CFO Ned Segal that investing cash holdings into crypto assets like Bitcoin “doesn’t make sense” right now. While there was no expectation that Twitter would be adding Bitcoin to its treasury reserves, the social media giant is considered bullish on crypto and has made a number of moves in the space so such a statement may have had a negative impact on sentiment.
It seems that all cryptocurrencies have followed in Bitcoin’s wake, with the majority down more than 10% at time of writing. The global crypto market was valued at almost $3 trillion last week, but has this morning slipped to just above $2.5 trillion.
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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 $2,662,433,426,057, down from $2,879,243,794,584 yesterday.
What Bitcoin did yesterday
We closed yesterday, November 15 2021, at a price of $63,557.87, down from $65,466.84 the day before. The daily high yesterday was $66,281.57 and the daily low was $63,548.14.
This time last year, the price of Bitcoin closed the day at $16,068.14. In 2019, it closed at $8,708.10.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.143 trillion. To put it into context, the market cap of gold is $11.868 trillion and Tesla is $1.037 trillion.
The total spot trading volume reported by all exchanges over the last 24 hours was $38,418,721,621, up from $26,500,097,249 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 41.74%.
Fear and Greed Index
Market sentiment today is 71, still in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.42. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 48.02. 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
Just like we argue that silver is the poor man’s gold, gold is maybe becoming the poor man’s crypto.
Damian Courvalin, Head of Energy Research at Goldman Sachs
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Crypto AM: Editor’s picks
Bitcoin’s long-awaited Taproot upgrade has arrived
NFTs set to fund new cryptocurrency movie
El Salvador begins mining Bitcoin using volcanic energy
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Binance probed over suspected insider trading
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