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?
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Yesterday’s Crypto AM Daily in association with Luno
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.
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.
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
Michael has no chill…
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