Daily market update: Bitcoin being treated as a 'Primary Treasury Reserve Asset'

Team Luno
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3 minute read

Welcome to your daily update of all Bitcoin’s price movements yesterday, including price, volume, the fear and greed index, and more.

 

If you’re new to the world of crypto trading, check out our beginner’s guide to trading series, featuring in-depth looks at common strategies, market analysis techniques, and more.

 

The content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. Luno always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.

 

Bitcoin Price

 

We closed yesterday, 11 August 2020, at a price of $11,410.53 – with a high of $11,932.71 and a low of $11,195.71.

 

It was the lowest closing price since 4 August 2020.

 

We’re still 43% below Bitcoin‘s all-time high of $20,089 (17 December 2017).

 

Market capitalisation

 

Bitcoin’s market capitalisation as of yesterday was $210,616,121,945. To put that into context, Jeff Bezos’s net worth is $188,500,000, which means he could only buy 85% of all Bitcoin. You can’t have everything, Jeff!

 

Bitcoin volume

 

The volume traded yesterday was $27,039,782,640. That's the highest it’s been since 2 August 2020.

 

To put that into context, the highest ever 24-hour volume is $53,060,690,000, last year’s high was $29,060,690,000, and last year’s average was $15,060,690,000.

 

Bitcoin volatility decreases

 

The volatility has been dropping again for bitcoin lately. The 30-day volatility is once again above the 7-day volatility, after a fairly flat week for the leading cryptocurrency. However, we’re still above the extremely low volatility we saw during the first weeks of July.

 

 

Fear and Greed Index

 

Cryptocurrency drops out of the Extreme Greed zone, but stays firmly in Greed with a fall from 84 to 75 – the lowest it’s been since 5 August 2020. Extreme fear can be a sign that investors are too worried, which could be a buying opportunity. When Investors are getting too greedy, that means the market may be due for a correction. With most coins doing well lately, it’s easy to get carried away. As highlighted last week, these “Extreme Greed” periods have been short-lived historically. Trade carefully.

 

 

Relative Strength Index (RSI)

 

The daily RSI is currently 60.07*. Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience correction in price. – an RSI reading of 30 or below indicates an oversold or undervalued condition.

 

*information correct as of 09:00 BST

 

Resistance and Support

 

 

What they said yesterday..

 

 

 

 

What other data points would you like to see covered in our Daily Report? Let us know on Twitter.

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Team Luno

On our way to the moon, we write about all things crypto. And don’t forget we’re humans too. Our blog conveys the views of Luno and the many unique opinions and characters within our team. We’ll never provide you with financial advice, and we urge you to conduct your own research before purchasing or trading any cryptocurrencies. It’s a brave new world out there, and the market can be volatile at times, so never trade with funds you can’t afford to lose. Want to let us know how much you love our blog? Tweet us @lunomoney.

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