Bitcoin’s return to form continues as global markets recover
Bitcoin continued its steady recovery yesterday. It’s currently changing hands for more than $51k, up eight per cent over the past 24 hours. The largest cryptocurrency by market capitalisation is still down nine per cent over the past week, but reclaiming the psychologically-important $50k level has at least provided good cheer on Twitter.
The recovery echoes a wider general rebound across global financial markets. European stock markets have opened higher this morning, as investor anxiety over the Omicron variant fades amid positive statements from Dr Fauci and WHO. There was also a jump in China’s imports in November, which has eased concerns about the global economy. How closely are the two correlated?
Elsewhere, Ether is up over 11 per cent to more than $4,400, now actually down just one per cent since this time seven days ago despite the weekend’s drama. Solana, Polkdadot, and Cardano have all also seen double-digit increases since yesterday morning.
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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 $2,373,024,875,842 up from $2,261,350,593,012 yesterday.
What Bitcoin did yesterday
We closed yesterday, December 6 2021, at a price of $50,582.63, up from $49,368.85 the day before. The daily high yesterday was $50,929.52 and the daily low was $47,281.04.
This time last year, the price of Bitcoin closed the day at $19,345.12. In 2019, it closed at $7,556.24.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $966.7 trillion. To put it into context, the market cap of gold is $11.319 trillion and Tesla is $1.013 trillion.
The total spot trading volume reported by all exchanges over the last 24 hours was $38,210,323,739, up from $34,200,667,722 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 62.07%.
Fear and Greed Index
Market sentiment today is 25, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.11. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 37.73. 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 is a smart hedge for investors.”
$100 billion Starwood Capital Group Chairman
What they said yesterday
Adoption is real…
But we’re still early…
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