Bitcoin recovers after Saturday’s sudden decline
The Bitcoin price was hovering just below the $48k level this morning, after a sudden drop early on Saturday saw the leading cryptocurrency fall nearly $10,000 in roughly an hour.
Bitcoin hit a low of around $43,000, as ongoing uncertainty around the omicron coronavirus variant continues to cause havoc in the global financial markets. European stock markets have started the week higher, but will we see a recovery in the cryptocurrency markets?
Saturday was Bitcoin’s biggest price drop since May when it slumped from more than $43,000 to below $32,000 over a 24-hour period – a near 27 per cent decline. The markets have since stabilised, but Bitcoin is still down by more 15 per cent compared to a week earlier.
Ethereum (ETH) weathered the crash slightly better, currently down just seven per cent over the past week and holding above $4k. However, other alt coins fared significantly worse, with many seeing declines of more than 20 per cent.
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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 $2,261,350,593,012.
What Bitcoin did yesterday
We closed yesterday, December 05 2021, at a price of $49,368.85, up from $49,200.70 the day before. The daily high yesterday was $49,768.15 and the daily low was $47,857.50.
This time last year, the price of Bitcoin closed the day at $19,345.12 . In 2019, it closed at $7,547.00.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $922.17 trillion. To put it into context, the market cap of gold is $11.334 trillion and Tesla is $1.019 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $34,200,667,722. 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 61.68%.
Fear and Greed Index
Market sentiment today is 16, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.40. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 31.86. 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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