Monday 11 October 2021 11:23 am

Is Bitcoin season here?

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?

Would you like to help spread the adoption and education of Bitcoin in the UK and even stack some Sats while you’re doing it? Well, now you can!

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.

So, if you’re passionate about Bitcoin, why not join today? Click here to find out more!

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

price of Bitcoin

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. 

Bitcoin volume

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.

Volatility

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

Philip Hammond joins Copper
Former Chancellor of the Exchequer Philip Hammond joins crypto start up Copper (Photo by Jeff J Mitchell/Getty Images)

El Salvador begins mining Bitcoin using volcanic energy

El Salvador, the first country in the world to make Bitcoin legal tender, has mined over £200 worth of BTC using volcanic energy (Photo by Sean Gallup/Getty Images)

Bitcoin booms but Hong Kong listed crypto stocks slide in wake of China crackdown

Hong Kong's First Bitcoin Counter Opens To The Public
(Getty Images)

Cardano promises ‘industry-defining announcements’ at its biggest ever summit

Cardano says it will make some 'industry defining' announcements at its summit this weekend.
(Getty Images)

Binance probed over suspected insider trading

Changpeng Zhao Binance CEO
(Getty Images)

Cardano Alonzo upgrade sees 100 smart contracts in first 24 hours

Cardano coin
(Getty Images)

Morgan Stanley to launch new research team led by Sheena Shah

morgan stanley
(AFP via Getty Images)

Bitcoin can now be purchased using the Post Office app

Royal Mail Undecided In Further Post Office Closures
(Getty Images)

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

Day one…

Day two…

Day three…

Day four…

Day five…

Crypto AM: Events

Cautionary Notes

It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. City AM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.

All information is correct as of 08:00 BST

Share