Daily market update: Bitcoin dips with stock market but still holding strong over $13k

Team Luno
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3 minute read

Yesterday saw another blip in the markets, with lockdown announcements in Germany and France apparently spooking the markets. While bitcoin saw a corresponding blip, it appears that it was more temporary and quickly recovered. Bitcoin in general has seen a strong 2020 so far and has heavily outperformed both gold and the S&P 500.

 

 

Here's all the latest market updates. If you’re new to the world of crypto trading, take a look through our beginner’s guide to crypto trading series, starring in-depth explorations of 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.

 

All information is correct as of 08:00am GMT.

 

Bitcoin price

 

We closed yesterday, 28 October, 2020, at a price of $13,271.29 with a daily high of $13,837.70 and a low of $13,271.29.

 

We’re 33.94% below bitcoin‘s all-time high of $20,089 (17 December 2017).

 

As of today, buying bitcoin has been profitable for...

 

98.2% of all days since 2013-04-28.

 

Bitcoin volume

 

The volume traded yesterday was $35,867,318,895 – up from $33,749,878,156 the day before. That’s the highest daily trading volume since 21 October. High volume indicates that a significant price movement has stronger support and is more likely to be sustained.

 

Market capitalisation

 

Bitcoin’s market capitalisation as of yesterday was $245,899,824,465, down from $252,985,946,390 the day before.

 

Fear and Greed Index

 

Despite yesterday’s dip, sentiment is still shining bright green at 67 – down from 70 the day before. Extreme fear can indicate that investors are getting too worried, and when investors are getting too greedy that means the market may be due for a correction.

 

 

Global In/Out of the money

 

For any address with a balance of tokens, ITB identifies the average price (cost) at which those tokens were purchased and compares it with the current price. If the current price is higher than average cost, address is ‘In the Money’. If the current price is lower than the average cost, the address is ‘Out of the Money’.

 

Chart provided by IntoTheBlock.com

 

Volatility

 

Annualised price volatility using 365 days.

 

Chart provided by IntoTheBlock.com

 

Bitcoin’s market dominance

 

Bitcoin's market dominance stands at 62.81. Its lowest recorded dominance was 37.09 on 8 January, 2018.

 

Relative Strength Index (RSI)

 

The daily RSI is currently 69.37. 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.

 

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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