It was another strong week for Bitcoin, which is currently up nearly 20% amid rising inflation, fading regulatory fears, and anticipation of a Bitcoin futures-backed exchange-traded fund (ETF) in the US by the end of the year.
The leading cryptocurrency is currently changing hands for just below $57k, within touching distance of recent all-time highs over $64k.
Even JP Morgan is starting to sound bullish at the moment, sending a note on Friday that explained: “The re-emergence of inflation concerns among investors has renewed interest in the usage of Bitcoin as an inflation hedge. Institutional investors appear to be returning to Bitcoin perhaps seeing it as a better inflation hedge than gold.”
With economists largely in agreement that inflation across the world will continue, can Bitcoin firmly cement its position as the inflation hedge of choice in Q4?
In contrast, it seems that altcoins are continuing to underperform in relation to Bitcoin.
Ethereum (ETH), the largest altcoin by market cap, is now at its lowest against BTC since the start of August. It’s currently trading from around $3,600, still some way off highs of $4,400. This has led some to declare that ‘Bitcoin season’ is here, with the last few months dominated by price surges among other cryptocurrencies such as Cardano (ADA) and Solana (SOL).
In the past, Bitcoin has led the way and alt season has followed quickly after. Will the same be true this time?
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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 $2,326,273,686,954.
What Bitcoin did yesterday
We closed yesterday, October 10 2021, at a price of $54,771.58, down from $54,968.22 the day before. The daily high yesterday was $56,401.30 and the daily low was $54,264.26.
This time last year, the price of Bitcoin closed the day at $11,384.18. In 2019, it closed at $8,321.76.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.067 trillion. To put it into context, the market cap of gold is $11.149 trillion and Facebook is $930.55 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $38,336,712,923. 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 58.12%.
Fear and Greed Index
Market sentiment today is 71, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 45.26. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 70.43. 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 still think it is an excellent store of value and that it should be part of every individual person’s investment portfolio.
US senator Cynthia Lummis
What they said yesterday
Saylor, telling us what’s going on under the hood…
Cloudy with a chance of tweets…
The music hasn’t even started…
Crypto AM: Editor’s picks
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
Morgan Stanley to launch new research team led by Sheena Shah
Bitcoin can now be purchased using the Post Office app
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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