After inching closer to the $58,000 mark late Tuesday, Bitcoin’s value has slid down again to just below $57,000 and is roughly breaking even over the last 24 hours. Bitcoin has now dropped four per cent in the past week as it continues to fall back from recent all-time highs.
There have been a number of events speculated to be the cause for Bitcoin’s recent malaise. The dollar has strengthened relative to other fiat currencies, which is bearish for Bitcoin as the dollar is its biggest quote currency. It’s also Thanksgiving this week, which is likely to see lower trading volumes as many professional traders are on holiday.
All this means that the Bitcoin Fear & Greed index is at the lowest level since late September, which preceded a BTC price recovery. After drifting comfortably in the “greed” and “extreme greed” territories for almost two months, the Fear and Greed Index is now back into the “fear” area after a turbulent week.
Typically, in bull markets, the Fear and Greed Index indicate “greed” or “extreme greed” for more extended periods with short periodical visits to the ‘fear’ area, just like we saw this spring. Therefore, a fear level is not necessarily a signal that the current bull market is over, as the market sentiment can change quickly. The question is: Are we just on a visit in fear-land, or will we settle down there?
It’s slightly brighter news in the alt markets, with Ethereum bucking the general negative trend. The second-largest cryptocurrency has grown by more than three per cent in the last day. Solana (SOL) and Binance Coin (BNB) are the other gainers, both up two per cent in the last 24 hours.
The big story yesterday was a slightly stilted Twitter beef between Elon Musk and CZ, CEO of crypto exchange Binance. The celebrity entrepreneur and crypto celebrity entrepreneur got into it on the social media platform about the crypto exchange’s treatment of Dogecoin users. We reported on their little spat here.
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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 $2,572,320,560,309.
What Bitcoin did yesterday
We closed yesterday, November 23 2021, at a price of $57,569.07, up from $56,289.29 the day before. The daily high yesterday was $57,875.52 and the daily low was $55,632.76.
This time last year, the price of Bitcoin closed the day at $19,107.46. In 2019, it closed at $7,047.92.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.068 trillion. To put it into context, the market cap of gold is $11.394 trillion and Tesla is $1.113 trillion.
The total spot trading volume reported by all exchanges over the last 24 hours was $35,990,540,023, up from $29,554,266,834,102 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 42.88%.
Fear and Greed Index
Market sentiment today is 42, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.38. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 41.57. 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
“Crypto is on our doorstep, here and now, and being driven by extraordinary consumer and investor demand. The implications for consumers are potentially huge.”
Australian Securities and Investments Commission (ASIC) Chair Joe Longo
What they said yesterday
The narrative is changing…
The hodl is real…
Crypto AM: Editor’s picks
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
Binance probed over suspected insider trading
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