Cryptocurrency slump tempered by trend of ‘buy the dip!’
Bitcoin continues to hover around the $60k mark, down two per cent over the past 24 hours at time of writing and 10 per cent over the past seven days.
The fall comes less than a week after the largest cryptocurrency hit a new all-time high of just above $69,000.
There have been a number of reasons posited for the price slide. Investors taking profits after last week’s new record high and recent comments by Twitter’s CFO that the company is to continue not holding Bitcoin in its books have both been cited as potential reasons.
There was also another crackdown on cryptocurrency mining by Chinese authorities on Tuesday, although the ban earlier in the year already effectively eradicated Bitcoin production in the country. Another possible reason could be President Joe Biden’s infrastructure bill, which includes provisions for future regulation and taxation of cryptocurrency.
Not all is lost, though. “Buy the dip” – crypto slang that suggests hopes of a quick recovery and a continued bull run – was trending on Twitter yesterday.
Blockchain analytics platform Santiment found that “buy the dip” mentions on social media rose to 952 on Tuesday, hitting the highest levels since September 7.
There are just a couple of green sprigs today, with Avalanche (AVAX) and Crypto.com coin (CRO) the only green splashes in a sea of red. AVAX is up 13 per cent over the past 24 hours, within touching distance of $100. It’s currently up five per cent over the past seven days, bucking the general negative trend.
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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 $2,457,072,592,351, down from $2,662,433,426,057 yesterday.
What Bitcoin did yesterday
We closed yesterday, November 16 2021, at a price of $60,161.25, down from $63,557.87 the day before. The daily high yesterday was $63,721.20 and the daily low was $59,016.34.
This time last year, the price of Bitcoin closed the day at $17,645.41. In 2019, it closed at $8,577.98.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.126 trillion. To put it into context, the market cap of gold is $11.8 trillion and Tesla is $1.059 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $42,136,691,746, up from $38,418,721,621 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 44.78%.
Fear and Greed Index
Market sentiment today is 51, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.90. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 44.77. 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
“I’ve been in this industry for 8 years and It still feels like we’re maybe starting the second inning of digital currencies,”
Michael Sonnenshein, Grayscale CEO
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