NFT market reaches zenith with artist Beeple selling piece at Christie’s for $69m
Crypto at a glance
What a difference a year makes. On this day in 2020, the announcement of lockdowns around the world sparked one of the deepest market crashes in history, with the price of Bitcoin falling almost 40% in a single day to less than $5,000.
Fast forward and Bitcoin is currently approaching its recently-made all-time high of more than $58,000, the total cryptocurrency market is worth over $1.7 trillion and closing in on a market cap of $2 trillion, while NFTs are selling for almost $70 million a pop. Life sure does come at you fast.
The big story yesterday was undoubtedly the sale of “EVERYDAYS: THE FIRST 5000 DAYS” – a digital piece by crypto artist Beeple. The digital artwork was created as a non-fungible token (NFT) and auctioned off by Christie’s for a stunning $69,346,250.
If you thought ICOs and DeFi were wild, hold onto your hats because there’s a new sheriff in town. Will the artwork mark the high point of this year’s hottest crypto trend, or can things get even crazier?
This apparently-insanely-lucrative Ethereum use case unfortunately didn’t manage to move the markets all that much, though. Ethereum is up a tiny 0.03% over the last 24 hours and losing ground on Bitcoin, which seems to be hogging the limelight generally at the moment.
The largest cryptocurrency yesterday popped its head above $58,000 to within inches of its all-time high, before seeing a pullback to around the $56,500 level where it’s currently trading.
Can it muster the energy to hit $60,000 this week? The big concern at the moment will be trading volumes, which remain low despite the positive price action. What does it all mean?
Start your investment journey into crypto with Luno with £10 on us!
If you’ve not started your crypto journey yet, we’ve joined forces with Luno to offer you £10 absolutely free. Click on the graphic below and simply use the code CITYAM10 when you sign up.
In the Markets
| Name | Price | Price Change (24h) | Price Change (7 days) | |
| Bitcoin (BTC) | $56,493.85 | +1.34% | +19.32% | |
| Ethereum (ETH) | $1,790.31 | +0.03% | +20.62% | |
| XRP (Ripple) | $0.4563 | -0.42% | -0.77% | |
| Monero (XMR) | $219.43 | -1.05% | +6.60% | |
| Polkadot (DOT) | $36.34 | -2.25% | +8.83% | |
| Algorand (ALGO) | $1.08 | -1.63% | +2.96% | |
| Cardano (ADA) | $1.09 | -4.38% | -3.87% | |
| Chainlink (LINK) | $29.45 | -0.79% | +10.59% | |
| Aave (AAVE) | $392.65 | -3.28% | +11.47% | |
| UniSwap (UNI) | $31.10 | -1.31% | -11.63% | |
| Celsius (CEL) | $5.37 | +0.96% | +19.06% | |
| Binance Coin (BNB) | $280.84 | -1.01% | +24.53% | |
| Crypto market cap | $1,721,137,131,719 | |||
| MVIS CryptoCompare Digital Assets 100 Large-Cap Index | -0.80 | |||
| MVIS CryptoCompare Digital Assets 100 Small-Cap Index | +0.32 | |||
| MVIS CryptoCompare Ethereum VWAP Close Index | -1.32 | |||
| Prices and data as of [08:30, 12/03/2021] | Source: CryptoCompare.com, MVIS |
The Bitcoin economy
*Definitions and insights can be found at https://bytetree.com/insights/
What Bitcoin did yesterday
We closed yesterday, March 11 2021, at a price of $57,805.12 – up from $56,008.55 the day before. That’s Bitcoin’s highest ever daily close.
The daily high yesterday was $58,091.06 and the daily low was $54,484.59.
This time last year, the price of Bitcoin closed the day at $7,911.43. In 2019, it closed at $3,905.23.
As of today, buying Bitcoin has been profitable for…
99.9% of all days since 2013-04-28.
Bitcoin market capitalisation
Bitcoin’s market capitalisation is $1,053,702,150,961 at time of writing, up from $1,018,236,417,117 yesterday. That’s the equivalent of 15,271 original and unique Beeple artworks.
Bitcoin volume
The volume traded over the last 24 hours was $55,179,510,084, up from $53,488,255,989 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 65.45%.
Fear and Greed Index
Market sentiment remains in Greed, down to 70 today.
Bitcoin’s market dominance
Bitcoin’s market dominance is 62.06. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is 64.89. 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
“There’s a $500 trillion monetary planet and the outer layer is currency, then you’ve got stocks, bonds, real estate. There’s $10 trillion worth of gold in there, $1 trillion of bitcoin in there. Bitcoin is going to flip gold, and it’s going to subsume the entire gold market cap.”
Michael Saylor, bull of bulls
What they said yesterday
Indeed…
Very true…
Moving quickly…
A blip…
Crypto AM Parliamentary Special Five Part Series
March 8 to 12 2021
Part five…
Part four…
Day three…
Day Two…
Day One…
Crypto AM Editor Writes
Can Bitcoin hit $60,000 this week?
Bitcoin mounts fresh assault on $55k
Institutions are driving cryptocurrency
Crypto AM: Longer Reads
Morning Wire Markets: What is Decentralised Finance (DeFi) by Aave
Aave: DeFi Hub latest Article
Crypto AM: Conversation with James Bowater
Crypto AM: Market View in association with Ziglu
Crypto AM: Technically Speaking in association with with Zumo
Crypto AM: Talking Legal
Crypto AM: Spotlight
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: A Trader’s View with TMG
Crypto AM: Tiptoe through the crypto with Monty Munford
Crypto AM: Definitively DeFi
Crypto AM: Recommended Events
CC Forum
Global Investment in Sustainable Development
March 31 to April 1 2021 – Dubai
Global Technology Governance Summit
April 6 to 7 2021 – Tokyo
https://www.weforum.org/events/global-technology-governance-summit-2021
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 08:30am GMT.