Daily market update: Bitcoin enjoys record 67 days closing above $10k

Bitcoin’s continuing to enjoy its record streak of 67 days closing above $10,000. What a way to kick off the weekend ?

Let’s take a look at all the latest metrics you need to inform your crypto trading. If you’re new to the world of crypto trading, take a look through our beginner’s guide to crypto trading series, 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 10:00am SAST.

Bitcoin price

We closed yesterday, 1 October, 2020, at a price of $10,623.33 – with a daily high of $10,915.84 and a low of $10,493.55.

On 1 October, 2019, the closing price was $8,343.28. On 1 October, 2018, it was $6,589.62 and the same date in 2017 was $4,403.74.

We’re 52.88% below bitcoin‘s all-time high of $20,089 (17 December 2017).

As of today, buying bitcoin has been profitable for…

93.8% of all days since 2013-04-28.

Bitcoin volume

The volume traded yesterday was $27,178,227,816 – up from $20,759,622,010 the day before.

Market capitalisation

Bitcoin’s market capitalisation as of yesterday was $196,588,367,760, down from $199,620,143,649 the day before. To put that into context, Jeff Bezos is currently worth $175.3 billion. This means he can only afford to buy 89.17% of all bitcoin. Better luck next time, Jeff.

Fear and Greed Index

Sentiment is back down at 41, down from 45 yesterday. Extreme fear can be a sign that investors are too worried, which could be a buying opportunity. When Investors are getting too greedy, that means the market may be due for a correction. Are we set for a big move?

Global 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 courtesy of IntotheBlock.com

Volatility

Annualised price volatility using 365 days.

Chart courtesy of IntotheBlock.com

Bitcoin’s market dominance

Bitcoin’s market dominance stands at 59.55. Its lowest recorded dominance was 37.09 on 8 January, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 44.23. Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience correction in price – an RSI reading of 30 or below indicates an oversold or undervalued condition.

Resistance and support

What they said yesterday…

First came the Internet. Then web 2.0. Then #Bitcoin and crypto. Decentralization is the next frontier. #DeFi is the financial expression of this movement.

— Cameron Winklevoss (@cameron) October 1, 2020

“Bitcoin has been perfectly honed for its environment through its exceptional genetic code and the manifestation of that code in the form of superior traits

Bitcoin is the apex predator of money and is constantly evolving. None of the previous monetary life forms stand a chance”

— Dan Held (@danheld) October 1, 2020

?????$10900 (Oct actual)
????$10778 (Sept close)
???$11655 (Aug close)
??$11356 (Jul close)
?$9132 (Jun close)

September red dot below August, bummer, but no worries. This also happened in January and March 2017. In fact, it marked 2017 #bitcoin phase transition? pic.twitter.com/EAlpBhQipi

— PlanB (@100trillionUSD) October 1, 2020

What other data points would you like to see covered in our Daily Report? Let us know on Twitter.