Powell comments spark Bitcoin resurgence back towards $50k
Crypto at a glance
A strong weekend in the cryptocurrency markets saw Bitcoin rise in price by almost 10 per cent. The leading cryptocurrency is currently trading at just below $48,000, up from $43,500 on Friday morning.
It briefly touched $49,000 again on Sunday, though a swift rejection means it might be a longer road back over the psychologically-important $50,000 level for bulls than they hope.
The Etherum (ETH) price is also up, with the second-largest cryptocurrency changing hands this morning for around $3,350. Solana is also back above $166, making it the sixth-largest cryptocurrency by market cap. The total value of the crypto market returned above the $2 trillion mark on Friday and has stayed there ever since. Will it hold it there for the entire week?
The recovery to levels last seen two weeks ago seem to have been sparked by statements from Federal Reserve Chairman Jerome Powell to Congress that the central bank has “no intention” of following China’s lead and banning cryptocurrencies, including stablecoins.
October is also typically a seasonally bullish period. The crypto market’s strength and the Fear and Greed Index are showing increasingly positive consumer sentiment in the face of negative headlines from China and Wall Street looking a little wobbly. Will Q4 see a continuation of the bull run as many predict, or could it be a bumpy ride?
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Friday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
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Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,117,270,719,258..
What Bitcoin did yesterday
We closed yesterday, October 3 2021, at a price of $48,199.95, up from $47,711.49 the day before. The daily high yesterday was $49,130.69 and the daily low was $47,157.29.
This time last year, the price of Bitcoin closed the day at $10,669.58. In 2019, it closed at $8,205.94.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $899.39 billion. To put it into context, the market cap of gold is $11.175 trillion and Facebook is $967.09 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $25,876,688,380. 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 62.21%.
Fear and Greed Index
Market sentiment today is 54, back in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.37. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 57.95. 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
“It’s very hard for me sitting here to give you a price prediction, but I can pretty confidently say that bitcoin, I think, has effectively replaced gold. And it will continue to do so. And so that market cap is just going to grow.”
Virgin Galactic’s chairman and CEO of Social Capital, Chamath Palihapitiya.
What they said yesterday
Greta would be so proud…
Workaholic…
Think about it…
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