The cryptocurrency markets are currently in recovery mode after Friday’s crash saw the Bitcoin price fall to $53k. Bitcoin is currently up five per cent over the past 24 hours, changing hands for just above the $57k level. Ethereum is also up seven per cent to more than $4,300, having fallen below $4,000 on Friday and then again yesterday.
Friday’s crash hit all financial markets, with fears of the new Omicrom covid variant raising the spectre of new lockdowns and more financial devastation.
The World Health Organization has labeled Omicron “a variant of concern,” but details of how transmissible or virulent the strain is remain sparse.
The stock markets saw their biggest losses in a year on Friday, though they now appear to be stabilising, despite a number of governments re-introducing new travel rules. Has relatively quick action settled markets before more serious damage could be done?
Elsewhere, the majority of cryptocurrencies are up today as they recover from the weekend’s losses. Solana (SOL) and Polkadot (DOT) are the day’s big gainers, both increasing in value by around seven per cent since yesterday morning.
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The Bitcoin Pioneers community, backed by Barry Silbert’s Digital Currency Group, was created to introduce Bitcoin to a mainstream audience in a meaningful way and now has members right across the UK.
We share tips, stories and ideas on how to encourage others to try Bitcoin for the first time. And, thanks to support from Luno, each Pioneer gets £500 of Bitcoin a month to share with beginners, helping them get started.
All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻
Friday’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 $2,571,293,358,961.
What Bitcoin did yesterday
We closed yesterday, November 28 2021, at a price of $57,248.46, up from $54,815.08 the day before. The daily high yesterday was $57,393.84 and the daily low was $53,576.74.
This time last year, the price of Bitcoin closed the day at $18,177.48. In 2019, it closed at $7,761.24.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.084 trillion. To put it into context, the market cap of gold is $11.418 trillion and Tesla is $1.086 trillion.
The total spot trading volume reported by all exchanges over the last 24 hours was $29,481,898,893. 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 46.82%.
Fear and Greed Index
Market sentiment today is 33, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.77. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 47.16. 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
“I am very positive about crypto. It is fundamentally based on cryptography and will be the mainstream technology in a few years like the internet which is (now) part of daily life.”
Vijay Shekhar Sharma, the founder of Paytm
What they said yesterday
They don’t stop…
And it barely flinches…
A moment in history…
Crypto AM: Editor’s picks
Diamond claws: Crypto trading hamster dies after standout investing career
New cryptocurrency named ‘JRR Token’ blocked by lawyers for Lord of the Rings creator Tolkien
El Salvador to build Bitcoin city at base of volcano
Bitcoin’s long-awaited Taproot upgrade has arrived
NFTs set to fund new cryptocurrency movie
El Salvador begins mining Bitcoin using volcanic energy
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
Crypto AM: Events