The price of Bitcoin has fallen by around 2% since yesterday morning, although it continues to hold above $ 61,000.
The big news yesterday was the announcement by the US Federal Reserve of its intention to gradually reduce the unprecedented $ 120 billion per month bond purchases currently being made as part of its monetary stimulus package, known as the name quantitative easing (QE).
Commentators argue that QE has boosted supposedly “riskier” financial assets, such as cryptocurrencies.
The price of Bitcoin fell around 5% on the announcement, although an almost immediate rally led analysts to suggest the move was already integrated.
Elsewhere, Ethereum is also down around 2% after hitting new all-time highs yesterday.
The big winners over the past 24 hours are Solana, which is up 2%, and Avalanche (AVAX), which is up 9%. Both have increased by around 20% in the past seven days. Although it has fallen slightly this morning, the total value of all cryptocurrencies combined is now greater than that of the dozen of the world’s largest banks.
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Crypto AM Daily yesterday in association with Luno
On the stairs
The Bitcoin Economy
* Definitions and information can be found at https://bytetree.com/insights/
Total crypto market capitalization
The total capitalization of the entire cryptocurrency market at the time of writing is currently $ 2,732,700,518,046, compared to $ 2,739,462,541,555 yesterday.
What Bitcoin Did Yesterday
We closed yesterday, November 3, 2021, at a price of $ 62,970.05, compared to $ 63,226.40 the day before. Yesterday’s daily high was $ 63,516.94 and the daily low was $ 61,184.24.
Around the same time last year, the price of Bitcoin closed the day at $ 14,133.71. In 2019, it closed at $ 9,412.61.
Bitcoin market capitalization
Bitcoin’s market cap at the time of writing is $ 1.178 trillion. To put it in context, the market cap of gold is $ 11.262 billion and Meta (Facebook) is $ 922.48 billion.
The total volume of spot transactions reported by all exchanges in the last 24 hours was $ 35,280,203,795 yesterday, compared to $ 36,556,277,711 the day before. High volumes can indicate that a significant price movement has stronger support and is more likely to be supported.
Bitcoin price volatility over the past 30 days is 39.63%.
Index of fear and greed
Market sentiment today is 73.
The domination of the Bitcoin market
The dominance of the Bitcoin market today is 43.15. His lowest dominance on record was 37.09 on January 8, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 59.27. Values of 70 or more indicate that an asset is becoming overbought and may be ready for a trend reversal or price correction – an RSI reading of 30 or less indicates an oversold or undervalued condition.
Convince Your Nan: Soundbite of the Day
“The best developers in the world are part of the Bitcoin community. ”
Kevin O’Leary, Canadian businessman, author, politician and television personality
What they said yesterday
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