Bitcoin and Ethereum take a back seat as alt coins gate-crash the weekend parties
Crypto holders could be forgiven for looking at their portfolios this morning and scratching their heads as to why they have more in their wallets today than they did on Friday, yet Bitcoin and Ethereum have barely moved an inch.
It was a weekend where the major cryptocurrencies sat back with the popcorn and watched various altcoins take centre stage with some quite remarkable performances.
First up was Doge, clearly moved by Elon Musk’s takeover of Twitter which saw it lift by a remarkable 50% at one point. SHIBA INU – reluctant cousin of Doge – then followed suit with a sudden 25% rise of its own.
Other alt coins were also keen to bathe under the heady glow of the spotlight.
Jasmy – a very popular crypto in Japan – leapt in with a near 40% pump before little-known blockchain gaming token GALA finished Sunday with a 30% flourish.
Chiliz picked up the baton overnight, powering into Monday with a 16% surge for the fan token platform.
While Doge and SHIB can be explained, the boosts for such a variety of alt coins over the weekend remains something of a mystery.
Whales looking for quick gains, perhaps? All will surely become clear as the weekend hangover lifts.
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Friday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
*Data can be found at https://terminal.bytetree.com/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,010 trillion.
What Bitcoin did yesterday
We closed yesterday, October 30 2022, at a price of $20,635. The daily high yesterday was $20,917, and the daily low was $20,547.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $393.37 billion. To put it into context, the market cap of gold is $10.816 trillion and Tesla is $710.92 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $32.308 billion. 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 29.03%.
Fear and Greed Index
Market sentiment today is 31, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 40.62. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 56.55. 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
“We didn’t go for CBDC, we went straight for the best which is Bitcoin”
Milena Mayorga, El Salvador Ambassador to the US
What they said yesterday
Happy anniversary…
A sign of things to come?
Child’s play…
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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
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Crypto on the catwalk
Crypto AM: Events
For those of you who missed the Crypto AM DeFi & Digital Inclusion online summit 2021 – you can now watch the event in two parts via YouTube
Part One
https://www.youtube.com/watch?v=dvqNMNZTIDE
Part Two
https://www.youtube.com/watch?v=WXhX_-Tr5j0
Cautionary Notes
It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. Morning Wire, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.
All information is correct as of 08:00 BST