Market indecisive as Bitcoin continues to hold below $60k
Bitcoin fell to its lowest price in a month on Friday, with the leading cryptocurrency dropping below $56k before bouncing back to close the week at $58,730. It even managed to nudge briefly over $60k yesterday, though the recovery didn’t prevent it being one of Bitcoin’s worst-performing weeks of the year. At time of writing, Bitcoin was down 13 per cent over the past seven days.
The mood generally seems to be geared towards ‘wait and see’ at the moment, with the Fear and Greed Index that measures market sentiment currently sitting on exactly 50 out of 100 – exactly neutral. This is likely partly due to the US Thanksgiving holiday on Thursday, but another important factor is the US President Joe Biden announcement for his pick to lead the Federal Reserve. The announcement is expected this week and is likely to have implications for cryptocurrency industry regulation and monetary policy.
The prices of the majority of other cryptocurrencies have also continued to drift downwards, with Ethereum also falling by more than two per cent in the last 24 hours. Crypto.com (CRO) and Avalanche (AVAX) continue to be the standout performers, with both among the rare green shoots in a sea of red. Solana is the only other major cryptocurrency up today. The overall crypto market is currently valued at about $2.57 trillion.
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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 $2,569,791,125,299.
What Bitcoin did yesterday
We closed yesterday, November 21 2021, at a price of $58,730.48, down from $59,697.20 the day before. The daily high yesterday was $60,004.43 and the daily low was $60,004.43.
This time last year, the price of Bitcoin closed the day at $17,817.09. In 2019, it closed at $8,206.15.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.082 trillion. To put it into context, the market cap of gold is $11.708 trillion and Tesla is $1.141 trillion.
The total spot trading volume reported by all exchanges over the last 24 hours was $29,267,584,920. 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 42.47%.
Fear and Greed Index
Market sentiment today is 50, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.14. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 41.72. 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 just a better version of a store value and it’s being accepted at an accelerating pace…There are now over two hundred million people around the world that participate in the bitcoin ecosystem, and it continues to grow.”
Galaxy Digital Holdings CEO Mike Novogratz
What they said yesterday
The media, it is a-changin’…
The future is now…
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Cardano Alonzo upgrade sees 100 smart contracts in first 24 hours
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