Daily market update: Grayscale now owns 2.5% of total bitcoin supply

Bitcoin continues its record breaking run above $10,000, while Grayscale now owns 2.5% of the total supply. Get yours before they do. As a wise tweet says later in this report – in the future, the person who owns a whole bitcoin may be very rare indeed.

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, featuring in-depth explorations of common strategiesmarket 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 BST.

Bitcoin price

We closed yesterday, 28 September, 2020, at a price of $10,721.33 – with a daily high of $10,949.12 and a low of $10,716.68.

That’s the highest low since 20 September, when it was $10,814.48. On the 28 September, 2019, the closing price was $8,245.92.

We’re 46.63% below bitcoin‘s all-time high of $20,089 (17 December 2017).

As of today, buying bitcoin has been profitable for…

93.4% of all days since 2013-04-28.

Bitcoin volume

The volume traded yesterday was $22,720,365,389 – up from $18,016,880,214 the day before. That’s the highest daily volume since 24 September.

Market capitalisation

Bitcoin’s market capitalisation as of yesterday was $198,373,626,496, down from $199,347,495,686 the day before. To put that into context, Jeff Bezos is now worth $175.3 billion. This means he can only afford to buy 87.37% of all bitcoin. Not getting any better for poor old Jeff, is it?

Fear and Greed Index

Sentiment is back down at 45, up from 43 yesterday. We’ve spent just 1 day outside the Fear zone since the massive drop out of Extreme Greed on 4 September, despite the price remaining relatively stable at just below $11,000. 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 60.90. Its lowest recorded dominance was 37.09 on 8 January, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 49.64. 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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