Daily market update: With Bitcoin eyeing up $16k, are we on course for a new all-time high?

Team Luno
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Another day, another 10% leap for bitcoin. With the bull run continuing apace and market sentiment sitting firmly in Extreme Greed, has FOMO finally returned fully to crypto? Will we see a new all-time high before the year is out? At this rate, perhaps a better question is will we see a new all-time high before the day is out?

 

 

Here's your daily look at the latest bitcoin market movement. If you’re new to the world of crypto trading, 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 08:00am GMT.

 

Bitcoin price

 

We closed yesterday, 5 November, 2020, at a price of $15,579.85, up from $14,133.71 the day before – an increase of 10.23%. That’s the first time we’ve closed over $15,000 since 8 January, 2018.

 

The daily high was $15,706.40. The daily low was $14,102.09.

 

We’re 22.45% below bitcoin‘s all-time high of $20,089 (17 December 2017).

 

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

 

99.1% of all days since 2013-04-28.

 

Bitcoin volume

 

The volume traded yesterday was $40,856,321,439, up from $35,116,364,962 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 $288,771,509,681, up from $261,954,213,176 the day before. That’s Bitcoin’s highest market cap since 6 January, 2018.

 

Fear and Greed Index

 

We're back in Extreme Greed for the first time since 27 June, 2019. Sentiment is at 90, up from 72 the day before. That’s only the third time since the Index was created in February 2018 that it’s exceeded 90. 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.

 

 

 

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

 

Twitter sentiment

 

Yesterday, there were 15,097 tweets sent with a positive connotation towards bitcoin, 43,659 with a neutral connotation, and 2,962 were negative.

 

Chart provided by IntoTheBlock.com

 

Bitcoin’s market dominance

 

Bitcoin's market dominance stands at 66.02. Its lowest recorded dominance was 37.09 on 8 January, 2018.

 

Relative Strength Index (RSI)

 

The daily RSI is currently 85.08. 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.

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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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