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DOT takes the lead as Bitcoin rebounds, but the retail market has yet to join in

Thursday, October 14, 2021, 11:20 a.m.

Bitcoin’s rapid rebound has caused the price of the largest cryptocurrency to climb back above $ 57,000 after briefly falling below the $ 55,000 mark yesterday.

The market leader now seems to be pulling altcoins with it as well. Ethereum (ETH) price has soared five percent to more than $ 3,600 in the past 24 hours after its recent poor performance. Solana (SOL) and Cardano (ADA) are also up around five percent since yesterday morning, although Polkadot (DOT) is the standout performer. The DOT is now up 20 percent to over $ 40 for the first time since May.

However, Bitcoin continues to outperform the S&P 500, which is down about four percent from its all-time high in September. Bitcoin appeared to be moving in lockstep with broader financial markets last month as a crisis in Chinese real estate giant Evergrande threatened to plunge the world into another downturn. That it now appears to have decoupled is welcome news given growing concerns over inflation and supply chain deadlocks around the world.

The recent price action for Bitcoin also appears to have been driven primarily by demand from institutional investors, suggesting that more could come as private buyers start getting back into business.

Google Trends data shows that Bitcoin search interest is at its lowest level in a year, which could be taken as a sign that consumer interest is lower as fewer people are trying to find out about Bitcoin for the first time.

In contrast, Arcane Research found that the Chicago Mercantile Exchange (CME), an early adopter of bitcoin futures exclusively available to institutional investors, now has a global open interest in bitcoin futures of 17 percent, which is the highest Status since February 2021.

In yesterday’s other news, the United States now has the largest share of bitcoin mining worldwide, according to data released by Cambridge University researchers. With China banning mining entirely, the United States leads the way with 35.4% of the world’s hash rate as of late August, followed by Kazakhstan and Russia.

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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 $ 2,383,588,660,255.

What Bitcoin did yesterday

We got yesterday, October 13th, 2021, for the price of. closed $ 57,401.10, down from $ 56,041.06 the previous day. The daily high was $ 57,688.66 yesterday and the daily low was $ 54,370.97.

Around this time last year, Bitcoin price closed the day at $ 11,429.51. In 2019, it closed at $ 8,374.69.

Bitcoin market capitalization

Bitcoin’s market capitalization at the time of writing is $ 1.092 trillion. To put it in context, gold’s market cap is $ 11.39 trillion and Facebook is $ 915.02 billion.

Bitcoin volume

The total spot trading volume reported by all exchanges in the last 24 hours was $ 42,829,266,730, from $ 40,196,974,752 yesterday. 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 57.86%.

Fear and greed index

The market sentiment is today 70, in greed.

Bitcoin’s market dominance

Bitcoin’s market dominance is today 45.30, from yesterday at 45:23. The lowest dominance ever measured was 37.09 on January 8, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 69.54, opposite 64:45 yesterday. A reading of 70 or above indicates that an asset is being overbought and may be prepared for a trend reversal or price correction – an RSI of 30 or below indicates an oversold or undervalued condition.

Convince your Nan: Soundbite of the day

“The critical question that bankers and investors around the world face is,” Do you understand Bitcoin? “

Michael Saylor

What they said yesterday

On the precipice of something great …

In 1997 the Internet had 140 million users and grew 63% year on year. This was the fastest adoption in human history.

In 2021, crypto will have 140 million users. Web3 grew 113% this year and we are well on our way to having 1 billion users by 2024.

This is a once in a lifetime opportunity.

– newguy.eth (@newethguy) October 12, 2021

Trust…

# Bitcoin wallets that haven’t seen any outflows in more than five months are currently sitting on an asset of $ 754 billion. On-chain analytics provider glassnode reports that long-term Bitcoin holders are refusing to sell despite a 5-month price high for BTC https://t.co/Dkeif91n1G

– Lord Fusitu’a (@LordFusitua) October 12, 2021

A sign of the times …

The South Korean won reached satellite parity today. 1 KRW = 1 Sat. 🇰🇷 #Bitcoin

– Ioni (@IoniAppelberg) October 12, 2021

How times have changed …

BREAKING: The US becomes the largest #bitcoin mining hub after overtaking China

– Market meditations (@MrktMeditations) October 13, 2021

Crypto AM: Editor’s Recommendations

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

Morgan Stanley creates new research team led by Sheena Shah

Morgan Stanley

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 this. 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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