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Is Bitcoin Season Here?

Monday, October 11, 2021, 11:23 a.m.

It was another strong week for Bitcoin, which is currently up nearly 20% by the end of the year amid rising inflation, dwindling regulatory fears and expectations of a Bitcoin futures-backed exchange traded fund (ETF) in the US.

The leading cryptocurrency is currently changing hands for just under $ 57,000, within reach of recent all-time highs of over $ 64,000.

Even JP Morgan is starting to sound optimistic right now, sending a message on Friday stating, “The resurgence of inflation concerns among investors has renewed interest in using Bitcoin as an inflation hedge. Institutional investors seem to be returning to Bitcoin and may see it as better inflation protection than gold. “

With economists broadly agreed that global inflation will persist, can Bitcoin cement its position as the inflation hedge of choice in the fourth quarter?

In contrast, it appears that altcoins continue to underperform compared to bitcoin.

Ethereum (ETH), the largest altcoin by market capitalization, is now at its lowest level versus BTC since early August. It is currently trading at around $ 3,600, a long way from the highs of $ 4,400. This has led some to declare that “bitcoin season” has arrived, with the past few months having been dominated by price rises in other cryptocurrencies such as Cardano (ADA) and Solana (SOL).

In the past, Bitcoin was the leader and the alternate season soon followed. Will it be the same this time?

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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.

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

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

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

Crypto AM Daily on Friday 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 $ 2,326,273,686,954.

What Bitcoin did yesterday

We got yesterday, October 10th, 2021, for the price of. closed $ 54,771.58, down from $ 54,968.22 the previous day. The daily high was $ 56,401.30 yesterday and the daily low was $ 54,264.26.

Around this time last year, Bitcoin closed the day at $ 11,384.18. In 2019, it closed at $ 8,321.76.

Bitcoin market capitalization

Bitcoin’s market capitalization at the time of writing is $ 1.067 trillion. To put it in context, gold’s market cap is $ 11.149 trillion and Facebook is $ 930.55 billion.

Bitcoin volume

The total spot trading volume reported by all exchanges in the last 24 hours was $ 38,336,712,923. 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 58.12%.

Fear and greed index

The market sentiment is today 71, in greed.

Bitcoin’s market dominance

Bitcoin’s market dominance is today 45.26. The lowest dominance ever measured was 37.09 on January 8, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 70.43. 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

I still think it’s a great store of value and should belong in everyone’s investment portfolio.

US Senator Cynthia Lummis

What they said yesterday

Saylor, he’s telling us what’s going on under the hood …

#Bitcoin is superior because of technology, not tribalism. The protocol is better suited for the organic growth of a decentralized network with integrity and security in all political jurisdictions. The stability of the base layer leads to faster innovations in the application layers above.

– Michael Saylor⚡️ (@michael_saylor) October 10, 2021

Cloudy with a chance of tweets …

Twitter gets so annoying when Bitcoin hits an all-time high

– Barry Silbert (@BarrySilbert) October 10, 2021

The music hasn’t even started …

More companies will buy bitcoin.
Other countries will buy Bitcoin.
More funds will buy bitcoin.

We’re still so early.

– Dan Held (@danheld) October 10, 2021

Crypto AM: Editor’s Recommendations

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

Bitcoin can now be bought with the Post Office app

Royal Mail undecided on further mail closures

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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