Monday, October 11, 2021, 11:23 a.m.
It was another strong week for Bitcoin, which is currently up nearly 20% by the end of the year on the back of soaring inflation, dwindling regulatory fears and expectations of a Bitcoin futures-backed exchange traded fund (ETF) in the US.
The leading cryptocurrency is currently changing hands for just under $ 57,000, within reach of recent all-time highs of over $ 64,000.
Even JP Morgan is starting to sound optimistic right now, posting a message on Friday stating, “The resurgence of inflation concerns among investors has renewed interest in using Bitcoin as an inflation hedge. Institutional investors seem to be returning to Bitcoin and may see it as better inflation protection than gold. “
With economists broadly agreed that inflation will persist around the world, can Bitcoin cement its position as the inflation hedge of choice in the fourth quarter?
In contrast, it appears that altcoins continue to underperform compared to Bitcoin.
Ethereum (ETH), the largest altcoin by market capitalization, is now at its lowest level versus BTC since early August. It’s currently trading at around $ 3,600, still far from the highs of $ 4,400. This has led some to declare that the “bitcoin season” has arrived, with the past few months having been dominated by price rises among other cryptocurrencies such as Cardano (ADA) and Solana (SOL).
In the past, Bitcoin was the leader and the alternate season quickly followed. Will it be the same this time?
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Crypto AM Daily on Friday in collaboration with Luno
In the markets
The bitcoin economy
* For definitions and insights, see https://bytetree.com/insights/
Total crypto market capitalization
The total capitalization of the entire cryptocurrency market at the time of writing is currently $ 2,326,273,686,954.
What Bitcoin did yesterday
We got yesterday, October 10th, 2021, for the price of. closed $ 54,771.58, down from $ 54,968.22 the previous day. The daily high was $ 56,401.30 yesterday and the daily low was $ 54,264.26.
Around this time last year, Bitcoin closed the day at $ 11,384.18. In 2019, it closed at $ 8,321.76.
Bitcoin market capitalization
Bitcoin’s market capitalization at the time of writing is $ 1.067 trillion. To put it in context, the market cap of gold is $ 11.149 trillion and Facebook is $ 930.55 billion.
The total spot trading volume reported by all exchanges in the last 24 hours was $ 38,336,712,923. High volumes may indicate that any significant price move has stronger support and is more likely to be sustained.
Bitcoin’s price volatility over the past 30 days is 58.12%.
Fear and greed index
The market sentiment is today 71, in greed.
Bitcoin’s market dominance
Bitcoin’s market dominance is today 45.26. The lowest dominance ever recorded was 37.09 on January 8, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 70.43. Values of 70 or above indicate that an asset is overbought and may be prepared for a trend reversal or price correction – an RSI of 30 or below indicates an oversold or undervalued condition.
Convince your Nan: Soundbite of the day
I still think it’s an excellent store of value and should be part of everyone’s investment portfolio.
US Senator Cynthia Lummis
What they said yesterday
Saylor, he’s telling us what’s going on under the hood …
#Bitcoin is superior because of technology, not tribalism. The protocol is better suited for the organic growth of a decentralized network with integrity and security across political jurisdictions. The stability of the base layer leads to faster innovations in the application layers above.
– Michael Saylor⚡️ (@michael_saylor) October 10, 2021
Cloudy with a chance of tweets …
Twitter gets so annoying when Bitcoin hits an all-time high
– Barry Silbert (@BarrySilbert) October 10, 2021
The music hasn’t even started …
More companies will buy bitcoin.
Other countries will buy Bitcoin.
More funds will buy bitcoin.
We’re still so early.
– Dan Held (@danheld) October 10, 2021
Crypto AM: Editor’s Recommendations
Former Chancellor Philip Hammond joins the crypto start-up Copper
Former Chancellor of the Exchequer Philip Hammond joins crypto startup Copper (Photo by Jeff J Mitchell / Getty Images)
El Salvador starts mining Bitcoin using volcanic energy
El Salvador, the first country in the world to adopt Bitcoin as legal tender, has mined over £ 200 worth of BTC using volcanic energy (Photo by Sean Gallup / Getty Images)
Bitcoin is booming, but crypto stocks listed in Hong Kong are slipping after the crackdown in China
Cardano promises “industry-defining announcements” at its biggest summit of all time
Binance investigated on suspicion of insider trading
Cardano Alonzo Upgrade sees 100 smart contracts in the first 24 hours
Morgan Stanley creates new research team led by Sheena Shah
Bitcoin can now be bought with the Post Office app
Krypto AM: features
Krypto AM: Spotlight
Crypto AM: Founder Series
Crypto AM: Industry voices
Krypto 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 and Present with Alex Lightman
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Get a byte out of digital assets with Jonny Fry
Crypto AM: Parliamentary Special Offer
Part one of two – April 2021
Part two of two – April 2021
Five-part series – March 2021
Day two …
Day three …
Day four …
Day five …
Krypto AM: Events
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