Bitcoin holds above $50k as alt markets falter
Bitcoin continues to look strong this week, yesterday peaking at almost $52k – the highest it’s been in nearly a month.
It’s since retraced somewhat, but is still holding above $50k and is now up around 20 per cent over the last seven days.
Bitcoin is somewhat alone in the market today among the leading cryptocurrencies as showing positive price action. The majority of the rest are in the red, with Ethereum and Solana both down since yesterday morning.
They’re still both up over the last week, but could this be an opportunity for the largest cryptocurrency to re-establish market dominance?
The price rises come as positive sentiment continues to pour from the unlikeliest of places, with the US a veritable sluice of bullishness over the last week.
This week, it was the turn of Bank of America analysts, who published a note arguing that this is “only the first innings” for cryptocurrency and that “the digital asset universe is too large to ignore”.
They added: “We believe crypto-based digital assets could form an entirely new asset class.”
It seems Wall Street really is coming round. Will that be enough to create a runway to some of the wilder six-figure predictions being made by the end of the year?
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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 $2,216,696,257,298.
What Bitcoin did yesterday
We closed yesterday, October 5 2021, at a price of $51,514.81, up from $49,112.90 the day before. The daily high yesterday was $51,839.99 and the daily low was $49,072.84.
This time last year, the price of Bitcoin closed the day at $10,604.41. In 2019, it closed at $7,988.16.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $971.95 billion. To put it into context, the market cap of gold is $11.135 trillion and Facebook is $919.78 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $36,435,236,683, up from $33,219,748,521 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 63.99%.
Fear and Greed Index
Market sentiment today is 68, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.74, up from 42.75 yesterday. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 66.11, up from 61.52 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 idea that governments all around the world are going to synchronise and make bitcoin illegal, I think, is far-fetched.”
Shark tank star, Kevin O’Leary
What they said yesterday
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