A turbulent start to the week for Bitcoin continues, with the leading cryptocurrency bouncing between $56,000 and $59,000 for the last two days as global financial markets continue to look uncertain in the face of the Omicron variant. Will we see a more significant move before the week is out?
It seems to be a to-and-fro between good and bad news for investors at the moment. After Monday’s announcement by the CEO of Moderna that vaccines may struggle to offer resistance to Omicron, the head of BioNTech on Tuesday said that its vaccine (produced by Pfizer) is likely to offer strong protection against any severe disease from the new Covid variant. This was followed by the discovery of the first case of Omicron in the US, which led to Wall Street seeing its most volatile session since March.
There has been some good news for crypto, though. Social media giant Meta (formerly Facebook) announced that it has finally ended its long-standing ban on cryptocurrency ads. A number of pundits believe that it is huge news for the industry, giving cryptocurrency companies access to more than 3 billion people around the world who use the firm’s various platforms, which also includes Instagram and WhatsApp.
“We’re doing this because the cryptocurrency landscape has continued to mature and stabilize in recent years and has seen more government regulations that are setting clearer rules for their industry,” Meta said in a statement.
Elsewhere, Ethereum, the world’s second-largest cryptocurrency by market capitalisation, seems to be shrugging off the uncertainty. It even came close to topping its all-time as it approached $4,800 on Wednesday, though has since pulled back somewhat. The change meant Ether was actually outperforming Bitcoin by the greatest amount year-to-date since its inception in 2015, up about 530% since December compared with a mere doubling in value by Bitcoin.
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,601,409,392,214, down from $2,634,445,198,256 yesterday.
What Bitcoin did yesterday
We closed yesterday, December 1 2021, at a price of $57,229.83, up from $57,005.43 the day before. The daily high yesterday was $59,041.69 and the daily low was $56,553.08.
This time last year, the price of Bitcoin closed the day at $19,201.09. In 2019, it closed at $7,321.99.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.071 trillion. To put it into context, the market cap of gold is $11.292 trillion and Tesla is $1.099 trillion.
The total spot trading volume reported by all exchanges over the last 24 hours was $37,216,901,780, up from $36,026,281,120 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 46.56%.
Fear and Greed Index
Market sentiment today is 32, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.79. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 45.37. 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.
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