Daily market update: “Jack Dorsey says internet wants a currency & it’s Bitcoin”

by Team Luno
· 2 minute read

It’s Monday! Good news, we’re back! Thank the heavens the weekend is over, eh?

Here’s your daily dose of bitcoin market movements. 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 09.00am BST

Bitcoin price

We closed yesterday, 13 September, 2020, at a price of $10,323.76 – with a daily high of $10,577.22 and a low of $10,224.33.

That’s up from a closing price of $10,442.17 the day before.

We’re 48.61% 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 $36,506,852,789 – up from $36,750,077,324 the day before. That’s the lowest daily volume since 9 September 2020.

Market capitalisation

Bitcoin’s market capitalisation as of yesterday was $190,870,759,062, up from $193,049,493,277 the day before. That’s $24.47 each. Which isn’t very much, really.

Fear and Greed Index

August was characterised by extreme greed, with the Fear and Greed index hitting a low of just 72. September has been a different story, with all but the first three days spent languishing in the Fear zone. This is where we remain today, at 39.

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 59.90. Its lowest recorded dominance was 37.09 on 8 January, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 42.07. 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.

Resistance and support

What they said yesterday…

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