Daily market update: Grayscale on the ETH hunt

If you’re looking for the latest market movements, you’ve come to the right place. Because here they all are. If you’re new to the world of crypto trading and want to make sense of all these indicators, take a look at 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 08:00am BST.

Bitcoin price

We closed yesterday, 14 October, 2020, at a price of $11,429.51, with a daily high of $11,539.98 and a low of $11,307.83.

On 14 October, 2019, the closing price was $8,374.69. On 14 October, 2018, it was $6,290.93 and the same date in 2017 was $5,831.79.

We’re 43.11% below bitcoin‘s all-time high of $20,089 (17 December 2017).

Bitcoin volume

The volume traded yesterday was $24,103,426,719 – down from $24,241,420,251 the day before. High volume indicates that a significant price movement has stronger support and is more likely to be sustained.

Market capitalisation

Bitcoin’s market capitalisation as of yesterday was $211,643,390,713, up from $211,565,586,739 the day before. To put that into context, Jeff Bezos is currently worth $175.3 billion. This means he can only afford to buy 82.82% of all bitcoin.

Fear and Greed Index

Sentiment is back at a greedy 56 – up from 53 yesterday. 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.

Twitter sentiment

Yesterday, there were 9,468 tweets sent with a positive connotation towards bitcoin, 22,465 with a neutral connotation, and 1,643 were negative.

Chart provided by IntoTheBlock.com

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

Volatility

Annualised price volatility using 365 days.

Chart provided by IntoTheBlock.com

Bitcoin’s market dominance

Bitcoin’s market dominance stands at 59.92. Its lowest recorded dominance was 37.09 on 8 January, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 62.56. 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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