Bitcoin’s latest price surge yesterday saw the leading cryptocurrency hit a daily high of more than $55k for the first time since mid-May.
It’s currently changing hands for around $54,500, which is less than $10,000 away from it’s all-time high. If it continues on its current trajectory, that record could soon be a distant memory.
The recent gains have pushed Bitcoin’s market cap over a trillion dollars again, edging above Facebook and putting it just behind silver as the eighth most valuable asset by market cap.
It seems Bitcoin is also now dragging other leading cryptocurrencies along with it too, after the majority had a sluggish start to the week.
Most have seen an increase in value of more than five per cent, with Ethereum currently changing hands for just below $3,600.
The big leader this week, however, continues to be Dogecoin pretender SHIBA INU which, at time of writing, had risen an astonishing 350%, joining the top 20 biggest cryptocurrencies by market cap and flipping Bitcoin Cash. Can it break the top 10?
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All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻
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 $2,289,989,986,747,784.
What Bitcoin did yesterday
We closed yesterday, October 6 2021, at a price of $55,361.45, up from $51,514.81 the day before. The daily high yesterday was $55,568.46 and the daily low was $50,488.19.
This time last year, the price of Bitcoin closed the day at $10,668.97. In 2019, it closed at $8,245.62.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.027 trillion. To put it into context, the market cap of gold is $11.205 trillion and Facebook is $921.66 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $48,942,194,223, up from $36,435,236,683 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 62.41%.
Fear and Greed Index
Market sentiment today is 76, in Extreme Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.87, up from 43.74 yesterday. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 69.18, up from 66.11 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
“Bitcoin has crossed the chasm to mainstream.”
George Soros’ $6 billion Fund CEO
What they said yesterday
*Breathes in through nose, exhales out mouth* It is good to be back…
Crypto AM: Editor’s picks
El Salvador begins mining Bitcoin using volcanic energy
Bitcoin booms but Hong Kong listed crypto stocks slide in wake of China crackdown
Cardano promises ‘industry-defining announcements’ at its biggest ever summit
Binance probed over suspected insider trading
Cardano Alonzo upgrade sees 100 smart contracts in first 24 hours
Morgan Stanley to launch new research team led by Sheena Shah
Bitcoin can now be purchased using the Post Office app
Simon Nixon tells Seek Ventures to ramp up Bitcoin investment
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Crypto AM: Spotlight
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 AM: Parliamentary Special
Part one of two – April 2021
Part two of two – April 2021
Five-part series – March 2021
Crypto AM: Events