Daily market update: Bitcoin price breaks $23,000 for first time in history

by Team Luno
· 3 minute read

The price of bitcoin is moving faster than a bowling ball down a slip-and-slide at the moment. Yesterday, we hit yet another milestone, leap-frogging $23,000 like it wasn’t even there. All these historical all-time highs are almost getting boring. Almost. It seems crypto mania is back. Is the only way still up, or is a correction on the horizon?

It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. Life moves pretty fast. If you don’t stop and look around once in a while, you could miss it.

The indicators contained in this article will hopefully help in this. Remember though, 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.

Don’t forget to take a look through our beginner’s guide to crypto trading series to get a better idea of what it all means, including in-depth explorations of common strategies, market analysis techniques, and more.

All information is correct as of 08:30am GMT.

Crypto at a glance

Total Market Cap: $582,918,391,832 – up from $553,394,807,516 yesterday

Price Market cap Volume Circulating Supply
Bitcoin $22,987.89 $424.6b $65,557,779,890 18,574,137 BTC
Ethereum $645.83 $73.09b $23,933,887,148 113,880,233 ETH
XRP $0.59 $26.88b $19,140,691,046 45,404,028,640 XRP
Litecoin $108.26 $7.01b $12,112,653,076 66,113,323 LTC
Bitcoin Cash $314.48 $5.81b $5,051,212,604 18,600,863 BCH

What bitcoin did yesterday

We closed yesterday, 17 December, 2020, at a price of $22,805.16 – up from $21,310.60 the day before. That’s the highest closing price in Bitcoin’s history.

The daily high yesterday was $23,642.66 and the daily low was $21,234.68. That’s Bitcoin’s highest daily high and highest daily low ever. This time last year, the price of bitcoin closed the day at $6,640.52 and in 2018 it was $3,545.86.

As of today, buying bitcoin has been profitable for…

99.9% of all days since 2013-04-28.

Market capitalisation

Bitcoin’s market capitalisation is currently $424.6 billion, up from $395.93 billion yesterday. To put that into context, VISA’s market cap is $493 billion. Not far off!

Bitcoin volume

The volume traded over the last 24 hours was $65,557,779,890, up from $55,018,131,019 yesterday. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.

Volatility

The price volatility of bitcoin over the last 30 days is 62.68%.

Fear and Greed Index

The sentiment remains in Extreme Greed territory at 95, up from 92 yesterday. That’s the joint-highest recorded number. The last time the sentiment was lower than Extreme Greed was 6 November, 2020. It’s important to remember that the index doesn’t stay this high very often and a correction could be on the cards.

Bitcoin’s market dominance

Bitcoin’s market dominance stands at 66.35. Its lowest recorded dominance was 37.09 on 8 January, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 76.92. 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.

Google trends

The trend in Google searches over the last 90 days. Google shows this chart on a relative basis with a max score of 100 on the day that had the most Google searches for that keyword. The latest score is 66 – taken from 15 December.

Convince-your-Nan cutout of the day

Bitcoin is a bank in cyberspace, run by incorruptible software, offering a global, affordable, simple, & secure savings account to billions of people that don’t have the option or desire to run their own hedge fund.

– Michael Saylor, MicroStrategy CEO

What they said yesterday…

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

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