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Bitcoin isn’t boring – it consolidates!

Friday 5th November 2021 11:30 a.m.

The week in review

With Jason Deane

More than one person told me this week that Bitcoin is “boring right now”.

I have to respectfully disagree.

I note from my journal entries that a year ago today I did (one of many) live TV interviews for GCTV, in which we discussed Bitcoin breaking above $ 15,000 for the first time in three years. It was a big deal back then that caused a lot of excitement and media attention, but even then, reaching nearly $ 60,000 seemed like a big task. So much can change in a year.

It’s true that Bitcoin’s price has been in a tight range since around October 21, but let’s not underestimate its importance.

First, let’s recall that this range is just below the all-time high. This is important because it almost certainly means that a period of consolidation is underway. From a trading perspective, this is a good thing – the market has settled down a bit and is taking time to find its equilibrium. It also builds a level of psychological support and the longer it lasts, the more that support is perceived.

All of this means that any pricing up past this point has a more solid foundation and is likely to be more sustainable.

This apparent stability can also be a little misleading, obscuring the developments that are going on behind the scenes. While Bitcoin’s development is relentless, fueling new demand all the time, Glassnode reports show that wallet balances continue to decline. At some point, these two driving factors will interact more clearly, especially against the backdrop of steadily rising inflation and loose monetary policy from almost all parts of the world.

But until then it is up to us in the industry to use these so-called “boring” times to continue building up, informing, educating and promoting.

After all, they don’t last forever.

Have a nice weekend!

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the Bitcoin pioneers Community, supported by Barry Silberts Digital Currency Group, was formed to bring Bitcoin to a mainstream audience in meaningful ways and now has members across the UK.

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All feedback on Crypto AM Daily in partnership with Luno is welcomed by email at James.Bowater@cityam.com

Yesterday Crypto AM Daily in collaboration with Luno

Bitcoin price

In the markets

The bitcoin economy

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

Total crypto market capitalization

The total capitalization of the entire cryptocurrency market at the time of writing is currently $ 2,715,991,590,823, from $ 2,732,700,518,046 yesterday.

What Bitcoin did yesterday

We got yesterday, November 4th, 2021, at the price of. closed $ 61,452.23, down from $ 62,970.05 the previous day. The daily high was $ 63,123.29 yesterday and the daily low was $ 60,799.66.

Around this time last year, Bitcoin’s price closed the day at $ 15,579.85. In 2019, it closed at $ 9,342.53.

Bitcoin market capitalization

Bitcoin’s market capitalization at the time of writing is $ 1.175 trillion. To put it in context, gold’s market cap is $ 11.419 trillion and Meta (Facebook) is $ 934.25 billion.

Bitcoin volume

The total spot trading volume reported by all exchanges in the last 24 hours was $ 32,829,431,317 yesterday, up from $ 35,280,203,795 the previous day. High volumes may indicate that any significant price move has stronger support and is more likely to be sustained.

volatility

Bitcoin’s price volatility over the past 30 days is 37.02%.

Fear and greed index

The market sentiment is today 73.

Bitcoin’s market dominance

Bitcoin’s market dominance is today 43.21. The lowest dominance ever measured was 37.09 on January 8, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 60.02. A reading of 70 or above indicates that an asset is being overbought and may be prepared for a reversal or price correction – an RSI of 30 or below indicates an oversold or undervalued condition.

Convince your Nan: Soundbite of the day

“The demand for Bitcoin is insatiable at the institutional advisor level.”

Kevin O’Leary Canadian businessman, author, politician and television personality

What they said yesterday

Regardless of what Jamie Dimon thinks …

What does Jack have up his sleeve?

Square CEO Jack Dorsey: Our focus is on helping #Bitcoin become the local currency for the internet. We have a number of initiatives towards this goal

– Bitcoin archive 🗄🚀🌔 (@BTC_Archive) November 4, 2021

Slimmer than nobody?

NYC and Miami Mayors are taking their salaries down in #Bitcoin and you still think it’s going to be banned? 😂

– Bitcoin archive 🗄🚀🌔 (@BTC_Archive) November 4, 2021

There’s more to come …

Bitcoin sees the fifth day in a row that over 1 million active addresses interact on the network.

The network effect is powerful … get ready! 🔥

– Layah Heilpern: Take off Bitcoin NOW! (@LayahHeilpern) November 4, 2021

Crypto AM: Editor’s Recommendations

NFTs to fund new cryptocurrency film

Matt Damon becomes the newest celebrity to endorse cryptocurrency

Bank of England: Crypto regulation needs to be pursued as an ‘urgency’

Special committee hears from the Bank of England on the costs and benefits of UK membership

Former Chancellor Philip Hammond joins the crypto start-up Copper

Philip Hammond joins CopperFormer Chancellor of the Exchequer Philip Hammond joins crypto startup Copper (Photo by Jeff J Mitchell / Getty Images)

El Salvador starts mining Bitcoin using volcanic energy

El Salvador, the first country in the world to adopt Bitcoin as legal tender, has mined over £ 200 worth of BTC using volcanic energy (Photo by Sean Gallup / Getty Images)

Bitcoin is booming, but crypto stocks listed in Hong Kong are slipping after the crackdown in China

Hong Kong's first Bitcoin counter opens to the public

Cardano promises “industry-defining announcements” at its biggest summit of all time

Cardano says it will make some

Binance investigated on suspicion of insider trading

Changpeng Zhao Binance CEO

Cardano Alonzo Upgrade sees 100 smart contracts in the first 24 hours

Cardano coin

Krypto AM: features

Krypto AM: Spotlight

Crypto AM: Founder Series

Crypto AM: Industry voices

Krypto 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 and Present with Alex Lightman

Crypto AM: Tiptoe through the Crypto with Monty Munford

Crypto AM: Get a byte out of digital assets with Jonny Fry

Crypto AM: Parliamentary Special Offer

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 …

Krypto AM: Events

Warning notices

It is certainly tempting to get carried away with the excitement, but please heed this warning: do your own research, invest only what you can afford, and make good decisions. Hopefully the indicators included in this article will help with that. However, do not forget The content of this article is for informational purposes only and does not constitute investment advice or any form of recommendation or invitation. City AM, Crypto AM and Luno always advise you to seek your own independent financial advice before investing or trading in cryptocurrency.

All information is correct as of 8:00 AM BST

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