The price of Bitcoin continues to hover around the $63k mark today, up almost $1,000 from 24 hours earlier. Ethereum has likewise seen reasonable price activity since yesterday morning, currently changing hands for just below $4,460 – up 2.5 per cent.
The slow start to November is in stark contrast to last month, which saw both Bitcoin and Ethereum increase in price by almost 30%. The fourth quarter of the year is historically when the most significant price activity has taken place, but will that hold true?
There’s more excitement down the ranks, with Polkadot (DOT) surging more than 10% over the last day to nearly $50. It’s less good news for memecoin Shiba Inu (SHIB), which has dropped four per cent – nowhere near erasing its remarkable recent gains though. SHIB is still up almost 70% over the past seven days.
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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 $2,661,537,581,202, up from $2,649,122,897,110 yesterday.
What Bitcoin did yesterday
We closed yesterday, November 1 2021, at a price of $61,004.41, down from $61,318.96 the day before. The daily high yesterday was $62,419.00 and the daily low was $59,695.18.
This time last year, the price of Bitcoin closed the day at $13,550.49. In 2019, it closed at $9,324.72.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.163 trillion. To put it into context, the market cap of gold is $11.404 trillion and Meta (Facebook) is $917.92 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $35,432,537,643 yesterday, up from $34,876,173,996 the day before. 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 41.55%.
Fear and Greed Index
Market sentiment today is 73.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.84. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 59.03. 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
“You don’t have to spend a lot of money in order to learn. It’s not like the stock market where it’s almost impossible, except on a few platforms, to spend $10 and get started.”
Mark Cuban, Dallas Mavericks owner
Crypto AM: Editor’s picks
Matt Damon becomes latest celebrity to endorse cryptocurrency
Bank of England: Crypto regulation must be pursued as ‘matter of urgency’
Former Chancellor Philip Hammond joins crypto start-up Copper
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
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Crypto AM: Spotlight
Crypto AM: Founders Series
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Crypto AM: Contributors
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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