Bitcoin pushes back to $66k after Taproot upgrade goes live
The long-anticipated Bitcoin upgrade ‘Taproot’ went live yesterday. It’s hoped that the upgrade will improve privacy, scalability and security on the network.
Crucially, it will also unlock the potential for smart contracts, which can be used to eliminate middlemen from transactions and have been a key driver in the popularity of Ethereum.
The price rebounded after the upgrade went live, having dipped late last week. The leading cryptocurrency is back up to around $66k this morning. However, the verdict is still out if it will drive a significant improvement to Bitcoin or whether consumers will care.
It’s a similar story for Ethereum this morning, which is also up around two per cent. The second-largest cryptocurrency is trading at just above the $4,700 level.
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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 $2,879,243,794,584.
What Bitcoin did yesterday
We closed yesterday, November 14 2021, at a price of $65,466.84, down from $64,469.53 the day before. The daily high yesterday was $65,495.18 and the daily low was $63,647.81.
This time last year, the price of Bitcoin closed the day at $16,068.14. In 2019, it closed at $8,708.10.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.243 trillion. To put it into context, the market cap of gold is $11.84 trillion and Tesla is $1.037 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $26,500,097,249. 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 40.36%.
Fear and Greed Index
Market sentiment today is 72, still in Greed.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.51. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 61.20. 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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