2021-10-21 11:17:00

Altcoins join the party after Bitcoin sets new all-time high above $67k

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 lofty 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 eight per cent 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.

Solana is the day’s biggest gainer, up 20 per cent since yesterday morning and currently trading at around $185k. Is alt season here already?

Would you like to help spread the adoption and education of Bitcoin in the UK and even stack some Sats while you’re doing it? Well, now you can!

The Bitcoin Pioneers community, backed by Barry Silbert’s Digital Currency Group, was created to introduce Bitcoin to a mainstream audience in a meaningful way and now has members right across the UK.

We share tips, stories and ideas on how to encourage others to try Bitcoin for the first time. And, thanks to support from Luno, each Pioneer gets £500 of Bitcoin a month to share with beginners, helping them get started.

So, if you’re passionate about Bitcoin, why not join today? Click here to find out more!

All feedback on Crypto AM Daily in association with Luno is welcome via email to [email protected] 🙏🏻

Yesterday’s Crypto AM Daily in association with Luno

price of Bitcoin

In the markets

The Bitcoin economy

*Definitions and insights can be found at https://bytetree.com/insights/

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…

https://www.cityam.com/

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*Snaps fingers

https://www.cityam.com/

Michael has no chill

Crypto AM: Editor’s picks

Bank of England: Crypto regulation must be pursued as ‘matter of urgency’

Select Committee Hears From The Bank Of England On the Costs And Benefits Of The UK's EU Membership
(Getty Images)

Former Chancellor Philip Hammond joins crypto start-up Copper

Philip Hammond joins Copper
Former Chancellor of the Exchequer Philip Hammond joins crypto start up Copper (Photo by Jeff J Mitchell/Getty Images)

El Salvador begins mining Bitcoin using volcanic energy

https://www.cityam.com/
El Salvador, the first country in the world to make Bitcoin legal tender, has mined over £200 worth of BTC using volcanic energy (Photo by Sean Gallup/Getty Images)

Bitcoin booms but Hong Kong listed crypto stocks slide in wake of China crackdown

Hong Kong's First Bitcoin Counter Opens To The Public
(Getty Images)

Cardano promises ‘industry-defining announcements’ at its biggest ever summit

Cardano says it will make some 'industry defining' announcements at its summit this weekend.
(Getty Images)

Binance probed over suspected insider trading

Changpeng Zhao Binance CEO
(Getty Images)

Cardano Alonzo upgrade sees 100 smart contracts in first 24 hours

Cardano coin
(Getty Images)

Morgan Stanley to launch new research team led by Sheena Shah

morgan stanley
(AFP via Getty Images)

Crypto AM: Features 

Crypto AM: Spotlight

Crypto AM: Founders Series 

Crypto AM: Industry Voices 

Crypto AM: Contributors 

Crypto AM: In Conversation with James Bowater

Crypto AM: Tomorrow’s Money with Gavin S Brown

Crypto AM: Mixing in the Metaverse with Dr Chris Kacher

Crypto AM: Visions of the Future, Past & Present with Alex Lightman 

Crypto AM: Tiptoe through the Crypto with Monty Munford 

Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry

Crypto AM: Parliamentary Special 

Part one of two – April 2021

Part two of two – April 2021

Five-part series – March 2021

Day one…

Day two…

Day three…

Day four…

Day five…

Crypto AM: Events

Cautionary Notes

It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. City AM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.

All information is correct as of 08:00 BST



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