Daily market update: Insurance giant Mass Mutual has purchased $100M of $BTC

by Team Luno
· 3 minute read

Another day, another institutional giant buying up loads of bitcoin. Today it’s the turn of 169-year-old insurance powerhouse, Mass Mutual. They’ve invested over $100 million of their cash reserves into the cryptocurrency. Is there a great vote of confidence than an insurance company entering the space?

Here’s today’s market report. If you’re new to the world of crypto, take a look through our beginner’s guide to crypto trading series to get a better idea of all these indicators, 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 GMT.

Bitcoin price

We closed yesterday, 10 December, 2020, at a price of $18,264.99 – down from $18,553.92 the day before. That’s the lowest closing price since 29 November. The price at time of writing is $17,830.71.

The daily high yesterday was $18,553.30. The daily low was $17,957.07. This time last year, the price of bitcoin closed the day at $7,278.12 and in 2018 it was $3,502.66.

We’re 9.08% below bitcoin‘s all-time high on CoinMarketCap of $20,089 (17 December 2017).

As of today, buying bitcoin has been profitable for…

99.1% of all days since 2013-04-28.

Bitcoin volume

The volume traded yesterday was $25,547,132,265, down from $34,420,373,071 the day before. High volumes can indicate 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 $339,136,939,586, down from $344,486,483,494 the day before.

Fear and Greed Index

Despite the recent price drop, we remain in Extreme Greed territory at 89. 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 63.74. Its lowest recorded dominance was 37.09 on 8 January, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 49.27. 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.

Google trends

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. Today’s score is 61.

Charts provided by IntoTheBlock.com

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’.

Charts provided by IntoTheBlock.com

Volatility

Annualised price volatility using 365 days.

Charts provided by IntoTheBlock.com

What they said yesterday…

What other data points would you like to see covered in our Daily Report? Let us know on Twitter.

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