Wednesday 6 October 2021 11:22 am

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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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

price of Bitcoin

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. 

Bitcoin volume

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.

Volatility

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

Adoption rising…

Never…

Island style…

Crypto AM: Editor’s picks

El Salvador begins mining Bitcoin using volcanic energy

El Salvador, the first country in the world to make Bitcoin legal tender, has mined over £200 worth of BTC using volcanic energy (Photo by Sean Gallup/Getty Images)

Bitcoin booms but Hong Kong listed crypto stocks slide in wake of China crackdown

Hong Kong's First Bitcoin Counter Opens To The Public
(Getty Images)

Cardano promises ‘industry-defining announcements’ at its biggest ever summit

Cardano says it will make some 'industry defining' announcements at its summit this weekend.
(Getty Images)

Binance probed over suspected insider trading

Changpeng Zhao Binance CEO
(Getty Images)

Cardano Alonzo upgrade sees 100 smart contracts in first 24 hours

Cardano coin
(Getty Images)

Morgan Stanley to launch new research team led by Sheena Shah

morgan stanley
(AFP via Getty Images)

Bitcoin can now be purchased using the Post Office app

Royal Mail Undecided In Further Post Office Closures
(Getty Images)

Simon Nixon tells Seek Ventures to ramp up Bitcoin investment 

Crypto AM: Features 

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

Day one…

Day two…

Day three…

Day four…

Day five…

Crypto AM: Events

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 AM, 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

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