Bitcoin price steady at $63k as Polkadot steals march Crypto-News

The price of Bitcoin continues to hover around the $63k mark today, up almost $1,000 from 24 hours earlier. Ethereum has likewise seen reasonable price activity since yesterday morning, currently changing hands for just below $4,460 – up 2.5 per cent.

The slow start to November is in stark contrast to last month, which saw both Bitcoin and Ethereum increase in price by almost 30%. The fourth quarter of the year is historically when the most significant price activity has taken place, but will that hold true?

There’s more excitement down the ranks, with Polkadot (DOT) surging more than 10% over the last day to nearly $50. It’s less good news for memecoin Shiba Inu (SHIB), which has dropped four per cent – nowhere near erasing its remarkable recent gains though. SHIB is still up almost 70% over the past seven days.

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Yesterday’s Crypto AM Daily in association with Luno

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 $2,661,537,581,202, up from $2,649,122,897,110 yesterday.

What Bitcoin did yesterday

We closed yesterday, November 1 2021, at a price of $61,004.41, down from $61,318.96 the day before. The daily high yesterday was $62,419.00 and the daily low was $59,695.18.

This time last year, the price of Bitcoin closed the day at $13,550.49. In 2019, it closed at $9,324.72.

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $1.163 trillion. To put it into context, the market cap of gold is $11.404 trillion and Meta (Facebook) is $917.92 billion.

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $35,432,537,643 yesterday, up from $34,876,173,996 the day before. 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 41.55%.

Fear and Greed Index

Market sentiment today is 73.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 43.84. Its lowest ever recorded dominance was 37.09 on January 8 2018.

Relative Strength Index (RSI)

The daily RSI is currently 59.03. 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

“You don’t have to spend a lot of money in order to learn. It’s not like the stock market where it’s almost impossible, except on a few platforms, to spend $10 and get started.”

Mark Cuban, Dallas Mavericks owner