Daily market update: Bitcoin sees second-highest monthly close
Bitcoin saw the second-highest monthly close in its history yesterday, with October only topped by December 2017. With the US election set to take place on Wednesday, it’s going to be an interesting week for the markets – which way will bitcoin going?
Here’s all your latest market updates. 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 07:00am GMT.
We closed yesterday, 1 November, 2020, at a price of $13,737.11, with a daily high of $13,862.03 and a low of $13,628.38. That’s the highest daily low since 15 January, 2018.
We’re 31.62% below bitcoin‘s all-time high of $20,089 (17 December 2017).
As of today, buying bitcoin has been profitable for…
98.3% of all days since 2013-04-28.
The volume traded yesterday was $24,453,857,900 – down from $30,306,464,719 the day before. High volume indicates that a significant price movement has stronger support and is more likely to be sustained.
Bitcoin’s market capitalisation as of yesterday was $254,569,759,063, down from $255,372,071,116 the day before.
Fear and Greed Index
Sentiment remains in greed at 71 – down from 72 the day before. 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.
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 provided by IntoTheBlock.com
Annualised price volatility using 365 days.
Chart provided by IntoTheBlock.com
Bitcoin’s market dominance
Bitcoin’s market dominance stands at 63.51. Its lowest recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 75.03. 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…
Bitcoin’s closing price in Oct was within dollars of the highest monthly close EVER. $BTC
Why do monthly prices matter?
B/C month-end asset valuation is how institutional participants appraise their holdings & investments. pic.twitter.com/F1WYQYZwG2
— Peter Brandt (@PeterLBrandt) November 1, 2020
crazy week ahead
all eyes on #bitcoin – this is going to be history in the making!
— Meltem Demirors (@Melt_Dem) November 2, 2020
The “American Dream” of home ownership is a bank marketing campaign to sell you a multi decade loan and keep you broke.
Change the narrative with a new global dream. The dream of #Bitcoin ownership.
— Jason A Williams (@GoingParabolic) November 2, 2020
#Bitcoin is the best performing asset, this year, last 5 years and last 10 years. Even risk-adjusted bitcoin outperforms all other assets, year after year. What’s your reason for not having bitcoin in your investment portfolio?
— PlanB (@100trillionUSD) November 1, 2020
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