Daily market update: Bitcoin volume hits highs not seen since halving

by Team Luno
· 2 minute read

Here’s your daily dose of bitcoin market movements – use them or lose them. If you’re new to the world of crypto trading, don’t forget to 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 09.00am BST

Bitcoin price

We closed yesterday, 10 September, 2020, at a price of $10,363.145 – with a daily high of $10,503.91 and a low of $10,238.14.

That’s up from a closing price of $10,242.35 the day before. On the same day last year, it was $10,115.98.

We’re 48.41% below bitcoin‘s all-time high of $20,089 (17 December 2017).

As of today, buying bitcoin has been profitable for…

92.7% of all days since 2013-04-28.

Bitcoin volume

The volume traded yesterday was $54,406,443,211 – up from $24,128,292,755 the day before. That’s the highest daily volume since 14 May 2020.

Market capitalisation

Bitcoin’s market capitalisation as of yesterday was $191,568,387,062, up from $189,325,507,175 the day before.

Fear and Greed Index

We’re back at 41! That’s now more than a week that we’ve been down in the Fear zone, although the upward movement suggests the tide could be turning.

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.

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 60.01. Its lowest recorded dominance was 37.09 on 8 January, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 39.55. 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…

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