Crypto markets inch up from horizontal support
Bitcoin has inched up this morning, springing back over $58,000 for the first time since Monday. It’s currently trading at $58,364, an increase of around three per cent in the last day.
Other major cryptocurrencies are also seeing positive price action. Ethereum is currently changing hands for just over $4,300, up just over one per cent. Though other leading cryptocurrencies, including Solana and Cardano, have dropped in value.
The big news this week is the Indian government’s announcement that it will introduce the Cryptocurrency and Regulation of Official Digital Currency Bill 2021 when it convenes at the Winter Session on Monday.
Experts are divided on how far India’s ‘private crypto’ ban will go and whether it will include Bitcoin and Ethereum. Last Thursday, Indian Prime Minister Narendra Modi called on all democratic nations to work together to regulate cryptocurrency, specifically Bitcoin, to “ensure it does not end up in the wrong hands which can spoil our youth.”
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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 $2,586,046,553,723, up from $2,572,320,560,309.
What Bitcoin did yesterday
We closed yesterday, November 24 2021, at a price of $57,206.37, down from $57,569.07 the day before. The daily high yesterday was $57,803.07 and the daily low was $55,964.22.
This time last year, the price of Bitcoin closed the day at $18,732.12. In 2019, it closed at $7,146.13.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.082 trillion. To put it into context, the market cap of gold is $11.39 trillion and Tesla is $1.12 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $34,286,540,766, down from $35,990,540,023 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 42.55%.
Fear and Greed Index
Market sentiment today is 32, in Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.52. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 43.41. 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 a rules-based monetary system the likes of which we’ve never seen.”
Ark Invest CEO on CNBC
What they said yesterday
Bitcoin goes blockbuster…
Who’s next?
We’ve come a long way…
Crypto AM: Editor’s picks
New cryptocurrency named ‘JRR Token’ blocked by lawyers for Lord of the Rings creator Tolkien
El Salvador to build Bitcoin city at base of volcano
Bitcoin’s long-awaited Taproot upgrade has arrived
NFTs set to fund new cryptocurrency movie
El Salvador begins mining Bitcoin using volcanic energy
Binance probed over suspected insider trading
Crypto AM: Features
Crypto AM: Spotlight
Crypto AM: Founders Series
Crypto AM: Industry Voices
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
Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry
Crypto AM: Parliamentary Special
Part one of two – April 2021
Part two of two – April 2021
Five-part series – March 2021
Day one…
Day two…
Day three…
Day four…
Day five…
Crypto AM: Events
Cautionary Notes