The first US futures-based Bitcoin exchange-traded product (ETF) is set to launch today – a milestone that some believe could spark a fresh wave of institutional investors and usher in a new era for cryptocurrency. Will they be proved right?
The impending addition of this intriguing investment tool to the space has already helped drive remarkable gains for Bitcoin this month, which is now up around 30% from $44k on the first of October to roughly $62,500 this morning. The increase means it has now more than doubled in price since July, when the market leader’s value fell to just $30,000.
Historically, November has been Bitcoin’s strongest month, with average gains of 53% since 2011. December also typically sees a significant price increase for the cryptocurrency, though will this year follow similar patterns as the market continues to mature or can we expect more stability moving forward?
While Bitcoin is still shy of its all-time high, the total cryptocurrency market capitalisation did hit the mark yesterday, reaching more than $2.5 trillion. The previous all-time high was in April, which preceded a sell-off in cryptocurrencies. The milestone comes despite alt markets remaining relatively flat amid Bitcoin’s breakout, with Ethereum (ETH), Cardano (ADA) and Solana (SOL) all down around one per cent over the past 24 hours.
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Yesterday’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 $2,500,305,066,061.
What Bitcoin did yesterday
We closed yesterday, 18 October 2021, at a price of $62,026.08, up from $61,553.62 the day before. The daily high yesterday was $62,614.66 and the daily low was $60,012.76.
This time last year, the price of Bitcoin closed the day at $11,742.04. In 2019, it closed at $7,988.56.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.171 trillion. To put it into context, the market cap of gold is $11.301 trillion and Facebook is $945.47 billion.
The total spot trading volume reported by all exchanges over the last 24 hours was $39,774,758,406, up from $31,685,578,108 yesterday. 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 58.65%.
Fear and Greed Index
Market sentiment today is 75, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 46.80, down from 46.90 yesterday. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 72.44, down from 73.16 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 essential evil of gold in its relation to war is the fact that it can be controlled. Break the control and you stop war.”
Henry Ford in 1921
What they said yesterday
What could Michael possibly be referring to?
And it can handle much, much more…
What makes you bullish? Fill in the blank:
Crypto AM: Editor’s picks
Bank of England: Crypto regulation must be pursued as ‘matter of urgency’
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
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
Crypto AM: Events