Wednesday 13 October 2021 11:38 am

Momentum falters for Bitcoin but alts show fresh signs of life

Bitcoin’s buoyant start to October is showing signs of flagging, with the price dropping more than four per cent over the past 24 hours from more than $57k to around $55k this morning.

The largest cryptocurrency is still up by more than seven per cent week-on-week and its market cap continues to hold above $1 trillion, but can it get back on track or does it have further to fall?

While Bitcoin stutters somewhat, the alt markets are looking more pepped up this morning and appear to be making a move out of the market leader’s shadow.

Ethereum is down again this morning, dropping one per cent to below $3,500. But, elsewhere, signs of life are beginning to re-emerge.

Binance Coin is up 14 per cent since yesterday morning to more than $450, sparked by news that Binance will inject another $1 billion to Binance Smart Chain (BSC) project. 

Solana and Polkadot are also both up, recovering some recent losses and increasing in value by around three per cent at time of writing. The big loser today is recent-riser Shiba Inu, which is down 10% following its recent meteoric rise.

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All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻

Yesterday’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 $2,276,602,881,404. 

What Bitcoin did yesterday

We closed yesterday, October 12 2021, at a price of $56,041.06, down from $57,484.79 the day before. The daily high yesterday was $57,627.88 and the daily low was $54,477.97. 

This time last year, the price of Bitcoin closed the day at $11,425.90. In 2019, it closed at $8,321.01. 

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $1.04 trillion. To put it into context, the market cap of gold is $11.201 trillion and Facebook is $912.85 billion. 

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $40,196,974,752, down from $40,845,111,344  yesterday. 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 57.69%.

Fear and Greed Index

Market sentiment today is 70, back in Greed.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 45.23, down from 46.30 yesterday. Its lowest ever recorded dominance was 37.09 on January 8 2018.

Relative Strength Index (RSI)

The daily RSI is currently 64.45, down from 70.91 yesterday. 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

“The best strategy is to buy bitcoin and wait.”

Michael Saylor

What they said yesterday

Jeff Bezos may have been to space, but has he been to the moon?  🤔

Obituary much…

Climbing that market cap ladder…

The evolution of money…

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

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

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

Binance probed over suspected insider trading

Changpeng Zhao Binance CEO

Cardano Alonzo upgrade sees 100 smart contracts in first 24 hours

Cardano coin

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

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