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.
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All information is correct as of 10:00am BST.
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.
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.
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’.
Annualised price volatility using 365 days.
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…
— ChartsBTC (@ChartsBtc) September 28, 2020
The @Grayscale Bitcoin Trust is now holding 450,000 BTC – 2.4% of the current supply. ?
— Jameson Lopp (@lopp) September 28, 2020
18.5M Bitcoin have been mined.
88% of the total 21M.
A “whole coiner” will be rare in the future.
— Dan Held (@danheld) September 28, 2020
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