Daily briefing: Bitcoin holds steady at $63K after ATH

Team Luno
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6 minute read

In the markets

 

Name  Price Price Change (24h) Price change (7 days)
Bitcoin (BTC) $62,722.55 –3.27% +5.63%
Ethereum (ETH) $4,120.10 –0.89% +8.07%
XRP (Ripple) $1.10 –3.62% –4.01%
Litecoin (LTC) $197.38 –4.11% +7.43%
Bitcoin Cash (BCH) $630.86 –1.35% +0.94%

 

Total crypto market cap

 

The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,586,120,356,142.

 

What Bitcoin did yesterday

 

We closed yesterday, October 21 2021, at a price of $62,210.17, down from $65,992.84 the day before. The daily high yesterday was $66,600.55 and the daily low was $62,117.41. This time last year, the price of Bitcoin closed the day at $12,965.89. In 2019, it closed at $8,078.20.

 

Bitcoin market capitalisation

 

Bitcoin’s market capitalisation at time of writing is $1.181 trillion. To put it into context, the market cap of gold is $11.398 trillion and Facebook is $963.91 billion.

 

Bitcoin volume

 

The total spot trading volume reported by all exchanges over the last 24 hours was $43,165,271,073, down from $45,566,193,992 yesterday. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.

 

Volatility

 

The price volatility of Bitcoin over the last 30 days is 48.81%.

 

Fear and Greed Index

 

Market sentiment today is 75, in Greed.

 

Bitcoin’s market dominance

 

Bitcoin's market dominance today is 45.73, down from 46.36 yesterday. Its lowest ever recorded dominance was 37.09 on January 8 2018.

 

Relative Strength Index (RSI)

 

The daily RSI is currently 66.03, down from 72.55 yesterday. 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.

 

Convince your Nan: Soundbite of the day

 

Gold was the monetary index of the 19th century until it was replaced by an array of regional stock indexes in the 20th century. Bitcoin will be the primary monetary index of the 21st century

— Michael Saylor, entrepreneur and business executive.

 

What they said yesterday

 

It’s decentralised

 

 

 

Almost instantly

 

 

 

The future is now

 

 

 

A hodler’s delight

 

 

 

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
21/10/2021

 

It took almost six months, but bitcoin yesterday finally surpassed its all-time high of just below $65,000 reached in April. The leading cryptocurrency hit a high price of more than $67k yesterday, after a rapid breakout saw it climb almost $2k in minutes.

 

Bitcoin has had a remarkable month so far, soaring in value from just $43k at the end of September. The news follows the launch of ProShare’s exchange traded fund (ETF) on Tuesday, the first of its kind in the US. While the price has retraced somewhat to around $65k this morning, many are speculating that this could be just the beginning of another bull run and are floating loft price targets in the hundreds of thousands. Will they be proved right?

 

Amid the celebrations, it’s easy to get caught up in the excitement and make emotional investment decisions. Don’t. Always zoom out, whether the price is rising or falling. Bitcoin can be incredibly profitable in the short term if you know what you’re doing, but as we have seen over the course of this year it’s still prone to unpredictable price movements in the short term. Bitcoin has tremendous implications for the global financial system and the increased adoption this year among institutions and countries themselves suggests it really could fulfil the potential so many believe it has. But be careful – always do your own research and never invest more than you can afford to lose.

 

Bitcoin isn’t the only cryptocurrency that’s flying at the moment though. Ethereum is up around 8% over the past 24 hours and hit five-month highs of more than $4,200 earlier today – within touching distance of the $4,379 record reached in May.

 

In the markets

 

Name  Price Price Change (24h) Price change (7 days)
Bitcoin (BTC) $64,799.55 +1.35% +12.35%
Ethereum (ETH) $4,150.76 +7.98% +14.61%
XRP (Ripple) $1.14 +3.50% +0.90%
Litecoin (LTC) $205.87 +10.53% +15.02%
Bitcoin Cash (BCH) $637.37 +5.05% +6.72%

Total crypto market cap

 

The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,630,670,396,217.

 

What Bitcoin did yesterday

 

We closed yesterday, October 20 2021, at a price of $65,992.84, up from $64,261.99 the day before. The daily high yesterday was $66,930.39 and the daily low was $63,610.67. This time last year, the price of Bitcoin closed the day at $12,823.69. In 2019, it closed at $8,243.72.

 

Bitcoin market capitalisation

 

Bitcoin’s market capitalisation at time of writing is $1.214 trillion. To put it into context, the market cap of gold is $11.346 trillion and Facebook is $960.8 billion.

 

Bitcoin volume

 

The total spot trading volume reported by all exchanges over the last 24 hours was $45,566,193,992, up from $37,550,307,023 yesterday. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.

 

Volatility

 

The price volatility of Bitcoin over the last 30 days is 45.22%.

 

Fear and Greed Index

 

Market sentiment today is 84, in Extreme Greed.

 

 

Bitcoin’s market dominance

 

Bitcoin's market dominance today is 46.36, down from 47.35 yesterday. Its lowest ever recorded dominance was 37.09 on January 8 2018.

 

Relative Strength Index (RSI)

 

The daily RSI is currently 72.55, down from 73.97 yesterday. 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.

 

Convince your Nan: Soundbite of the day

 

“Clearly, there’s a place for crypto. Clearly, it’s winning the race against gold at the moment … It would be my preferred one over gold at the moment.”

— Paul Tudor Jones, founder of asset management firm Tudor Investment Corp

 

What they said yesterday

 

Jack’s house

 

 

 

...Loading...Loading...Loading...

 

 

 

*Snaps fingers

 

 

 

Michael has no chill

 

 

 

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
20/10/2021

 

Bitcoin is currently hovering just below record levels, the day after ProShares rang the bell on the first ever bitcoin futures exchange-traded fund in the US, which has now officially launched on the New York Stock Exchange. The leading cryptocurrency is currently up 3% over the past 24 hours, changing hands for just above $64k–just a few hundred dollars off its all-time high. Is today the day?

 

Despite the increasing price, trading volume is still some way off earlier in the year. However, it continued its climb last week and currently sits at $7.2 billion. The 15th of October was a huge trading day, with a volume of more than $12 billion – the highest we have seen in almost six months. The same day, the bitcoin price increased by 7.6%, showing that significant daily volumes do coincide with the most significant increases in the price. These developments signal a renewed interest in bitcoin after a sleepy summer.

 

Looking down the ranks, it continues to be largely quiet. Ethereum (ETH), the second-largest cryptocurrency, is up around 1% since yesterday morning at $3,860, still some way off its all-time high of $4,380, hit on 12 May.

 

In the markets

 

Name  Price Price Change (24h) Price change (7 days)
Bitcoin (BTC) $64,016.71 +3.00% +16.43%
Ethereum (ETH) $3,853.70 +1.43% +11.56%
XRP (Ripple) $1.10 +0.91% +1.08%
Litecoin (LTC) $186.26 –1.34% +9.81%
Bitcoin Cash (BCH) $608.54 –1.44% +5.56%

Total crypto market cap

 

The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,520,850,473,563.

 

What Bitcoin did yesterday

 

We closed yesterday, 19 October 2021, at a price of $64,261.99, up from $62,026.08 the day before. The daily high yesterday was $64,434.53 and the daily low was $61,622.93. This time last year, the price of Bitcoin closed the day at $11,916.34. In 2019, it closed at $8,222.08.

 

Bitcoin market capitalisation

 

Bitcoin’s market capitalisation at time of writing is $1.203 trillion. To put it into context, the market cap of gold is $11.285 trillion and Facebook is $958.58 billion.

 

Bitcoin volume

 

The total spot trading volume reported by all exchanges over the last 24 hours was $37,550,307,023, down from $39,774,758,406 yesterday. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.

 

Volatility

 

The price volatility of Bitcoin over the last 30 days is 54.01%.

 

Fear and Greed Index

 

Market sentiment today is 82, in Extreme Greed.

 

 

Bitcoin’s market dominance

 

Bitcoin's market dominance today is 47.35, up from 46.80 yesterday. Its lowest ever recorded dominance was 37.09 on January 8 2018.

 

Relative Strength Index (RSI)

 

The daily RSI is currently 73.97, up from 72.44 yesterday. 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.

 

Convince your Nan: Soundbite of the day

 

When Cameron [Winklevoss] and I first proposed a bitcoin ETF in July 2013, the price of bitcoin was $68. Today, upon the launch of two bitcoin futures ETFs, the price of bitcoin is $64,000. That's almost a 1000x return in the meantime. I'm glad we got here, but it has taken too long.

 

— Tyler Winklevoss, American investor, founder of Winklevoss Capital Management.

 

What they said yesterday

 

To the moon 🚀

 

 

 

Got there in the end

 

 

 

What does that tell you?

 

 

 

Avatar Team Luno
Author

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.

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