Ethereum notches another all-time high
Ethereum (ETH) yesterday posted another new all-time high, rising to $4,643.
ETH, the second-largest cryptocurrency, is currently changing hands for just below $4,600, up 15 per cent on this time last week.
Ethereum’s price increase followed the successful completion of its latest update on Friday. The Ethereum 2.0 Altair Beacon Chain update is seen as another step towards Ethereum 2.0 – a major upgrade to the Ethereum network that has been in the works for years now.
A number of updates over the past year have led to more positive sentiment that it will actually happen in the near future, but after a number of false dawns, is it truly now on the way?
The upgrade to Ethereum 2.0 will change the way Ethereum works on a fundamental level. It will see the smart contract giant change its consensus mechanism – how the network approves transactions – from proof-of-work, which Bitcoin currently uses, to one known as proof-of-stake. It’s believed that a proof-of-stake consensus mechanism will lower the energy consumption for Ethereum transactions and significantly reduce costs.
Elsewhere, the Bitcoin price continues to look steady around $63k after a minor breakout yesterday morning. The largest cryptocurrency has failed to make gains since hitting its own all-time high on 20 October when it touched $67k..
Elsewhere, there’s substantial gains for Solana (SOL), XRP (XRP) and Cardano among others, all of which are up between seven to 12 per cent.
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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 $2,739,462,541,555, up from $2,661,537,581,202 yesterday.
What Bitcoin did yesterday
We closed yesterday, November 2 2021, at a price of $63,226.40, up from $61,004.41 the day before. The daily high yesterday was $64,242.79 and the daily low was $60,673.06.
This time last year, the price of Bitcoin closed the day at $13,950.30. In 2019, it closed at $9,235.35.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.185 trillion. To put it into context, the market cap of gold is $11.308 trillion and Meta (Facebook) is $912.63 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $36,556,277,711 yesterday, up from $35,432,537,643 the day before. 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 41.73%.
Fear and Greed Index
Market sentiment today is 76.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 43.54. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 60.77. 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
Without Bitcoin Singapore risks “being left behind.”
Director of the Monetary Authority of Singapore
What they said yesterday
Crypto adoption on the up in the land down under…
Plain and simple…
The power of Bitcoin…
Eric Adams makes history…
The countdown begins…
Crypto AM: Editor’s picks
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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Part one of two – April 2021
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