Bitcoin price holds over $60k as S&P 500 climbs
Bitcoin continues to hover at just below its all-time high after last week’s brief foray into the uncharted territory of $67k.
The leading cryptocurrency is currently changing hands for around $63k, up four per cent since yesterday morning after dipping below $60k over the weekend. Will this week see a more definitive breakout?
Despite Bitcoin taking a hit over the weekend, the global crypto market has largely remained unmoved in the last 24 hours.
It’s currently valued at more than $2.5 trillion, with Ethereum (ETH) – the world’s second-largest cryptocurrency by market capitalisation – showing strength this morning. ETH slipped below the $4,000 price level on Friday, but is back at over $4,100 this morning, and within touching distance of its all-time high.
Other cryptocurrencies, including Dogecoin and Solana are up even further this morning – both rising more than seven per cent since yesterday. The S&P 500 is also up, after Chinese property giant Evergrande Group made an overdue bond payment on Friday.
Evergrande wired $83.5 million to account for a bond payment that was due 23 September. Shares in Evergrande rose by as much as six per cent so far during Monday trading. The property giant’s potential collapse caused chaos in the markets last month, but it appears the crisis may be abating.
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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 $2,576,024,973,493.
What Bitcoin did yesterday
We closed yesterday, 24 October 2021, at a price of $60,930.84, down from $61,393.62 the day before. The daily high yesterday was $61,505.80 and the daily low was $59,643.35.
This time last year, the price of Bitcoin closed the day at $13,031.17. In 2019, it closed at $8,660.70.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.169 trillion. To put it into context, the market cap of gold is $11.418 trillion and Facebook is $915.21 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $29,222,568,731. 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 47.8%.
Fear and Greed Index
Market sentiment today is 72, in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 45.11. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 59.51. 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
“Inflation is the problem. #Bitcoin is the solution.”
Michael Saylor, entrepreneur and business executive.
What they said yesterday
99.98% uptime…
We’re here…
Who will be next?
Hodl…
Crypto AM: Editor’s picks
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Morgan Stanley to launch new research team led by Sheena Shah
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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
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