Daily market update: Institutions ditching gold for Bitcoin?

Team Luno
Back to blog

3 minute read

What a week that was! There was the US election that dragged on for eternity, but far more importantly than that, Bitcoin closed its third-highest week ever. Is this the start of a run to a new all-time high, or just the peak of this year's bull run?


Make your mind up for yourself with your daily look at the latest bitcoin market movements. If you’re new to the world of crypto trading and want to understand more about what this means and how to use it, take a look through our beginner’s guide to crypto trading series, featuring 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 08:30am GMT.


Bitcoin price


We closed yesterday, 8 November, 2020, at a price of $15,479.57, up from $14,833.75 the day before – an increase of 4.35%. That’s the third-highest ever weekly close in Bitcoin’s short but illustrious history.


The daily high was $15,637.32 and the daily low was $14,744.11. That’s the fifth day in a row we’ve had a high over $15,000.


We’re 22.95% below bitcoin‘s all-time high of $20,089 (17 December 2017).


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


98.9% of all days since 2013-04-28.


Bitcoin volume


The volume traded yesterday was $26,632,075,029, down from $35,024,953,706 the day before. 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 $286,955,182,899, up from $274,970,333,140 the day before.


Fear and Greed Index


The sentiment picks up where we left off on Friday – up in Extreme Greed at 90 after a weekend spent down in the lowly 80s (which is still Extreme Greed). Extreme fear can indicate that investors are getting too worried and there’s an opportunity for buyers, while extreme greed could mean the market is due for a correction.



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’.


Charts provided by IntoTheBlock.com




Annualised price volatility using 365 days.


Chart provided by IntoTheBlock.com


Twitter sentiment


Yesterday, there were 9,491 tweets sent with a positive connotation towards bitcoin, 20,397 with a neutral connotation, and 1,558 were negative.


Chart provided by IntoTheBlock.com


Bitcoin’s market dominance


Bitcoin's market dominance stands at 65.08. Its lowest recorded dominance was 37.09 on 8 January, 2018.


Relative Strength Index (RSI)


The daily RSI is currently 69.30. 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.


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.

Avatar Team Luno

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 @LunoGlobal.

It’s never too late to get started

Buy, store and learn about cryptocurrency today

Desktop Icon Apple App Store Logo Google Play Store Logo