Bitcoin price holds over $60k as S&P 500 climbs

Bitcoin continues to hover at just below its all-time high after last week’s brief foray into the uncharted territory of $67k.

The leading cryptocurrency is currently changing hands for around $63k, up four per cent since yesterday morning after dipping below $60k over the weekend. Will this week see a more definitive breakout?

Despite Bitcoin taking a hit over the weekend, the global crypto market has largely remained unmoved in the last 24 hours.

It’s currently valued at more than $2.5 trillion, with Ethereum (ETH) – the world’s second-largest cryptocurrency by market capitalisation – showing strength this morning. ETH slipped below the $4,000 price level on Friday, but is back at over $4,100 this morning, and within touching distance of its all-time high. 

Other cryptocurrencies, including Dogecoin and Solana are up even further this morning – both rising more than seven per cent since yesterday. The S&P 500 is also up, after Chinese property giant Evergrande Group made an overdue bond payment on Friday.

Evergrande wired $83.5 million to account for a bond payment that was due 23 September. Shares in Evergrande rose by as much as six per cent so far during Monday trading. The property giant’s potential collapse caused chaos in the markets last month, but it appears the crisis may be abating.

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All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻

Friday’s Crypto AM Daily in association with Luno

price of Bitcoin

In the markets

The Bitcoin economy

*Definitions and insights can be found at https://bytetree.com/insights/

Total crypto market cap

The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,576,024,973,493. 

What Bitcoin did yesterday

We closed yesterday, 24 October 2021, at a price of $60,930.84, down from $61,393.62 the day before. The daily high yesterday was $61,505.80 and the daily low was $59,643.35. 

This time last year, the price of Bitcoin closed the day at $13,031.17. In 2019, it closed at $8,660.70. 

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $1.169 trillion. To put it into context, the market cap of gold is $11.418 trillion and Facebook is $915.21 billion. 

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $29,222,568,731. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.

Volatility

The price volatility of Bitcoin over the last 30 days is 47.8%.

Fear and Greed Index

Market sentiment today is 72, in Greed.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 45.11. Its lowest ever recorded dominance was 37.09 on January 8 2018.

Relative Strength Index (RSI)

The daily RSI is currently 59.51. 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. 

Convince your Nan: Soundbite of the day

“Inflation is the problem. #Bitcoin is the solution.”

Michael Saylor, entrepreneur and business executive.

What they said yesterday

99.98% uptime…

We’re here…

Who will be next?

Hodl…

Crypto AM: Editor’s picks

Bank of England: Crypto regulation must be pursued as ‘matter of urgency’

Select Committee Hears From The Bank Of England On the Costs And Benefits Of The UK's EU Membership
(Getty Images)

Former Chancellor Philip Hammond joins crypto start-up Copper

Philip Hammond joins Copper
Former Chancellor of the Exchequer Philip Hammond joins crypto start up Copper (Photo by Jeff J Mitchell/Getty Images)

El Salvador begins mining Bitcoin using volcanic energy

El Salvador, the first country in the world to make Bitcoin legal tender, has mined over £200 worth of BTC using volcanic energy (Photo by Sean Gallup/Getty Images)

Bitcoin booms but Hong Kong listed crypto stocks slide in wake of China crackdown

Hong Kong's First Bitcoin Counter Opens To The Public
(Getty Images)

Cardano promises ‘industry-defining announcements’ at its biggest ever summit

Cardano says it will make some 'industry defining' announcements at its summit this weekend.
(Getty Images)

Binance probed over suspected insider trading

Changpeng Zhao Binance CEO
(Getty Images)

Cardano Alonzo upgrade sees 100 smart contracts in first 24 hours

Cardano coin
(Getty Images)

Morgan Stanley to launch new research team led by Sheena Shah

morgan stanley
(Getty Images)

Crypto AM: Features 

Crypto AM: Spotlight

Crypto AM: Founders Series 

Crypto AM: Industry Voices 

Crypto AM: Contributors 

Crypto AM: In Conversation with James Bowater

Crypto AM: Tomorrow’s Money with Gavin S Brown

Crypto AM: Mixing in the Metaverse with Dr Chris Kacher

Crypto AM: Visions of the Future, Past & Present with Alex Lightman 

Crypto AM: Tiptoe through the Crypto with Monty Munford 

Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry

Crypto AM: Parliamentary Special 

Part one of two – April 2021

Part two of two – April 2021

Five-part series – March 2021

Day one…

Day two…

Day three…

Day four…

Day five…

Crypto AM: Events

Cautionary Notes

It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. City AM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.

All information is correct as of 08:00 BST



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