Daily market update: Bitcoin soars to new historical all-time high ?
It was a big day for Bitcoin yesterday, with the cryptocurrency smashing through its old historical all-time high like Bruce Lee’s fist through a wet sponge cake. It’s now within touching distance of $23,000, after rising by more than $3,000 during the past 24 hours.
We’re now in uncharted territory, land where no one has ever gone before. This is a land of price discovery and there’s no telling where it could go, so be careful out there – don’t invest more than you can afford, do your own research, and don’t hand over anything to anyone on Twitter or Telegram or what-not. Be smart.
Here’s a load of numbers and things people have said from across the crypto space. You can even 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.
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 07:30am GMT.
Crypto at a glance
Total Market Cap: $553,394,807,516
|Price||Market cap||Volume||Circulating Supply|
|Bitcoin Cash||$311.27||$5.86b||$4,128,281,325||18,600,863 BCH|
What bitcoin did yesterday
We closed yesterday, 16 December, 2020, at a price of $21,310.60 – up from $19,417.08 the day before. That’s the highest closing price in Bitcoin’s history.
The daily high yesterday was $21,458.91 and the daily low was $19,298.32. That’s the highest daily high and the highest daily low ever. This time last year, the price of bitcoin closed the day at $6,932.48 and in 2018 it was $3,252.84.
This is a new all-time high price for bitcoin.
As of today, buying bitcoin has been profitable for…
99.9% of all days since 2013-04-28.
Bitcoin’s market capitalisation is currently $395.93 billion, up from $361.07 billion yesterday. To put that into context, Johnson & Johnson’s market cap is $394 billion.
The volume traded over the last 24 hours was $55,018,131,019, up from $26,741,982,541 yesterday. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.
The price volatility of bitcoin over the last 30 days is 55.46%.
Fear and Greed Index
The sentiment remains in Extreme Greed territory at 92, the same as yesterday. 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 65.98. Its lowest recorded dominance was 37.09 on 8 January, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 64.17. 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.
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 51 – taken from 14 December when the data is last collected.
Charts provided by IntoTheBlock.com
Convince your Nan cutout of the day
Bitcoin broke through 3 major levels in the last 24 hours – $20,000, $21,000 and $22,000. Can it do more today?
Yesterday, there were 23,260 tweets sent with a positive connotation towards bitcoin, 76,393 with a neutral connotation, and 5,136 were negative.
Charts provided by IntoTheBlock.com
What they said yesterday…
THIS ALL HAPPENED TODAY
1) Bitcoin hit $20,000
2) Guggenheim’s CIO gave a $400,000 target
3) Northern Trust launched a crypto custodian
4) Alan Howard and Eric Peters commit $1B to crypto
5) American Express backed crypto broker FalconX
My head is exploding this is too bullish.
— Yano (@JasonYanowitz) December 16, 2020
Good to see that everyone is keeping calm…
— Bloomberg TV (@BloombergTV) December 16, 2020
Scott Minerd here, just in case you were getting too excited…
— Tyler Winklevoss (@tyler) December 17, 2020
A good investment?
— Samson Mow (@Excellion) December 17, 2020
What other data points would you like to see covered in our Daily Report? Let us know on Twitter.