Bitcoin pulls back from yesterday’s all-time high
The price of Bitcoin is down this morning, falling back from yesterday’s record high of over $68,000.
The leading cryptocurrency is currently down around two per cent to $66,700. Ethereum has also dropped from its record value of more than $4,800, currently trading at just above $4,700.
Despite the drop, market sentiment remains high. The Fear and Greed Index – which measures sentiment – has now signalled ‘greed’ or ‘extreme greed’ for one month straight. The last time this happened was from August to September.
The thinking was that such high sentiment usually preceded a crash, but during the bull market earlier in the year, the Fear and Greed Index signalled ‘greed’ or ‘extreme greed’ for several months. Can sentiment remain high?
Today’s drop echoes similar movements in the traditional markets, with the S&P 500 closing lower on Tuesday for the first time in nine sessions. Are the two correlated?
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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 $2,855,092,948,994, down from $2,942,762,573,146 yesterday.
What Bitcoin did yesterday
We closed yesterday, November 9 2021, at a price of $66,971.83, down from $67,566.83 the day before. The daily high yesterday was $68,530.34 and the daily low was $66,382.06.
This time last year, the price of Bitcoin closed the day at $15,290.90. In 2019, it closed at $9,055.53.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.256 trillion. To put it into context, the market cap of gold is $11.604 trillion and Meta (Facebook) is $941.96 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $37,986,530,921, down from $40,503,860,529 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 41.21%.
Fear and Greed Index
Market sentiment today is 75
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.73. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 66.00. 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
Bitcoin is reliable, consistent, honest and 100% certain.
Billionaire Paul Tudor Jones.
What they said yesterday
Crypto AM: Editor’s picks
Mayor of New York reveals he will be paid in Bitcoin
NFTs set to fund new cryptocurrency movie
Matt Damon becomes latest celebrity to endorse cryptocurrency
Bank of England: Crypto regulation must be pursued as ‘matter of urgency’
Former Chancellor Philip Hammond joins crypto start-up Copper
El Salvador begins mining Bitcoin using volcanic energy
Bitcoin booms but Hong Kong listed crypto stocks slide in wake of China crackdown
Cardano promises ‘industry-defining announcements’ at its biggest ever summit
Binance probed over suspected insider trading
Cardano Alonzo upgrade sees 100 smart contracts in first 24 hours
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