Daily market update: Bitcoin continues to test $16,000

The bitcoin price has now closed over $15,000 for 5 out of the last 7 days and shows no signs of slowing down, with yet another Wall Street legend going public with his admiration. This week, Bill Miller, founder of investment manager Miller Value Partners, followed Stanley Druckenmiller, Paul Tudor Jones, Michael Saylor and many more when he said that he “strongly” recommends bitcoin at current prices. Is he right?

Bitcoin’s market cap is certainly looking promising. The cryptocurrency’s valuation is now bigger than all but 17 publicly-listed firms in the US, nestling snuggly between Home Depot (market cap of $306 billion) and Verizon ($242 billion). That means it’s bigger than Netflix, PayPal, Coca-Cola, and Disney. When top 10 for Bitcoin?

Here’s your daily market update. If you’re new to the world of crypto, take a look through our beginner’s guide to crypto trading series to get a better idea of all these indicators, starring in-depth explorations of common strategies, market analysis techniques, and more.

The content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. Luno always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.

All information is correct as of 08:00am GMT.

Bitcoin price

We closed yesterday, 11 November, 2020, at a price of $15,701.34 – up from $15,290.90 the day before. That’s an increase of 2.68%.

The daily high was $15,916.26, while the daily low was $15,290.01. That’s the highest the price has been since 8 January, 2018.

This time last year, the price of bitcoin was $8,757.79 and in 2018 it was $6,411.27.

We’re 21.84% below bitcoin‘s all-time high of $20,089 (17 December 2017).

As of today, buying bitcoin has been profitable for…

98.9% of all days since 2013-04-28.

Bitcoin volume

The volume traded yesterday was $29,772,374,934, up from $25,574,938,143 the day before. High volume indicates that a significant price movement has stronger support and is more likely to be sustained.

Market capitalisation

Bitcoin’s market capitalisation as of yesterday was $291,077,214,052, up from $283,468,380,961 the day before. That’s the highest it’s been since 6 January, 2018.

Fear and Greed Index

The sentiment is still in Extreme Greed, up a bit to 87 from 86. Extreme fear can indicate that investors are getting too worried and there’s an opportunity for buyers, while extreme greed could mean the market is due for a correction.

In/Out of the money

For any address with a balance of tokens, ITB identifies the average price (cost) at which those tokens were purchased and compares it with the current price. If the current price is higher than average cost, address is ‘In the Money’. If the current price is lower than the average cost, the address is ‘Out of the Money’.

Chart provided by IntoTheBlock.com

Volatility

Annualised price volatility using 365 days.

Chart provided by IntoTheBlock.com

Twitter sentiment

Yesterday, there were 11,107 tweets sent with a positive connotation towards bitcoin, 27,315 with a neutral connotation, and 2,080 were negative.

Chart provided by IntoTheBlock.com

Bitcoin’s market dominance

Bitcoin’s market dominance stands at 65.21. Its lowest recorded dominance was 37.09 on 8 January, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 75.01. 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.

Resistance and support

What they said yesterday…

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