Daily market update: “Bitcoin is gold 2.0”

by Team Luno
· 3 minute read

The main headline today is obviously that Luno is now part of the Digital Currency Group (DCG) – the biggest, brightest, most forward thinking, and most exciting crypto company in the universe. Who’s going to the moon? WE ALL ARE, WELCOME ABOARD!

Here’s your daily dose of bitcoin market movements – use them or lose them. If you’re new to the world of crypto trading, don’t forget to 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 10.00am BST

Bitcoin price

We closed yesterday, 9 September, 2020, at a price of $10,242.35 – with a daily high of $10,350.54 and a low of $10,017.25.

That’s down from a closing price of $10,131.52 the day before. On the same day last year, it was $10,334.97.

We’re 49.02% below bitcoin‘s all-time high of $20,089 (17 December 2017).

As of today, buying bitcoin has been profitable for…

92.3% of all days since 2013-04-28.

Bitcoin volume

The volume traded yesterday was $24,128,292,755 – down from $33,430,927,462 the day before.

Market capitalisation

Bitcoin’s market capitalisation as of yesterday was $189,325,507,175, up from $187,267,336,728 the day before. To put that into context, in 2019, mobile advertising spending worldwide amounted to $189 billion.

Fear and Greed Index

We’re still at 38, where we were yesterday. That’s now a week that we’ve been down in the Fear zone.

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.

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 courtesy of IntoTheBlock.com

Volatility

Annualised price volatility using 365 days.

Chart courtesy of IntoTheBlock.com

Bitcoin’s market dominance

Bitcoin’s market dominance stands at 59.99. Its lowest recorded dominance was 37.09 on 8 January, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 36.62. 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…

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