Bitcoin hits new record high ahead of Taproot upgrade
The Bitcoin price hit another new record all-time high this morning, rising a further three per cent since yesterday to more than $68k.
This beats the previous high set in late October, when Bitcoin reached nearly $67,700. It currently has a total market cap of $1.3 trillion and is now up more than 130 per cent year-to-date. Can it hit $70k?
The price surge comes as the Bitcoin network prepares to roll out its biggest upgrade in four years. The software upgrade is known as Taproot, which is primarily aimed at improving the privacy of transactions and unlocking the potential for smart contracts to run on Bitcoin. This would plant its tanks firmly on Ethereum’s lawn and open up Bitcoin to a new world of functionality. The upgrade is also designed to make it cheaper to transact on the Lightning Network.
Edul Patel, CEO and co-founder of Mudrex – an algo-based crypto trading platform, explained that the upgrade is a gamechanger for Bitcoin.
“Bitcoin’s Taproot upgrade might just be the key element that would propel it into mainstream finance,” he said.
“The bottom line is the kind of revolution that the Taproot upgrade might bring for Bitcoin is phenomenal.”
The new record high also echoes the wider markets. The S&P 500 has now made a new all-time high on each of the first six trading days of November. This is despite ongoing concerns about rising inflation, supply chain challenges, and the COVID-19 pandemic.
Elsewhere in the cryptocurrency markets, the Ethereum price continues to rise today and is up another two per cent over the past 24 hours. It’s currently hovering at around the $4,800 mark. A number of other coins have surged in price over the last 24 hours, including Cardano (ADA) and Litecoin (LTC), both of which are up more than 10 per cent. The global crypto market is valued at about $2.94 trillion. This time last year, it was just $446 billion.
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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 $2,942,762,573,146, up from $2,854,651,064,706 yesterday.
What Bitcoin did yesterday
We closed yesterday, November 8 2021, at a price of $67,566.83, up from $63,326.99 the day before. The daily high yesterday was $67,673.74 and the daily low was $63,344.07.
This time last year, the price of Bitcoin closed the day at $15,332.32. In 2019, it closed at $8,813.58.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.282 trillion. To put it into context, the market cap of gold is $11.593 trillion and Meta (Facebook) is $941.95 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $40,503,860,529, up from $32,610,399,793 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 41.11%.
Fear and Greed Index
Market sentiment today is 84.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.09. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 70.45. 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.
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