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Bitcoin sees its highest ever daily close at nearly $58k

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Daily market update: Bitcoin sees its highest ever daily close at nearly $58k

What a difference a year makes. On this day in 2020, the announcement of lockdowns around the world sparked one of the deepest market crashes in history, with the price of Bitcoin falling almost 40% in a single day to less than $5,000. Fast forward and Bitcoin is currently approaching its recently-made all-time high of over $58,000, the total cryptocurrency market is worth over $1.7 trillion and closing in on a market cap of $2 trillion, and NFTs are selling for almost $70 million a pop. Life sure does come at you fast. The big story yesterday was undoubtedly the sale of “EVERYDAYS: THE FIRST 5000 DAYS”, a digital piece by crypto artist Beeple. The digital artwork was created as a non-fungible token (NFT) and auctioned off by Christie’s for a stunning $69,346,250. If you thought ICOs and DeFi were wild, hold onto your hats because there’s a new sheriff in town. Will the artwork mark the high point of this year’s hottest crypto trend, or can things get even crazier? This apparently-insanely-lucrative Ethereum use case unfortunately didn’t manage to move the markets all that much, though. Ethereum is up a tiny 0.03% over the last 24 hours and losing ground on Bitcoin, which seems to be hogging the limelight generally at the moment. The largest cryptocurrency yesterday popped its head over $58,000 to within inches of its all-time high, before seeing a pullback to around the $56,500 level where it’s currently trading. Can it muster the energy to hit $60,000 this week? 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 08:30am GMT

Crypto markets at a glance

Total crypto market cap

The total capitalisation of the entire cryptocurrency market at time of writing was $1,721,137,131,719, up from $1,669,842,795,059 yesterday.

What bitcoin did yesterday

We closed yesterday, 11 March, 2021, at a price of $57,805.12 – up from $56,008.55 the day before. That’s Bitcoin’s highest ever daily close.

The daily high yesterday was $58,091.06 and the daily low was $54,484.59.

This time last year, the price of bitcoin closed the day at $7,911.43. In 2019, it closed at $3,905.23.

As of today, buying bitcoin has been profitable for…

99.9% of all days since 2013-04-28.

Bitcoin market capitalisation

Bitcoin’s market capitalisation is $1,053,702,150,961 at time of writing, up from $1,018,236,417,117 yesterday. That’s the equivalent of 15,271 original and unique Beeple artworks.

Bitcoin volume

The volume traded over the last 24 hours was $55,179,510,084, up from $53,488,255,989 yesterday. 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 65.45%.

Fear and Greed Index

Market sentiment remains in Greed, down to 70 today.

Bitcoin’s market dominance

Bitcoin’s market dominance is 62.06. Its lowest ever recorded dominance was 37.09 on 8 January, 2018.

Relative Strength Index (RSI)

The daily RSI is 64.89. 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

“There’s a $500 trillion monetary planet and the outer layer is currency, then you’ve got stocks, bonds, real estate. There’s $10 trillion worth of gold in there, $1 trillion of bitcoin in there. Bitcoin is going to flip gold, and it’s going to subsume the entire gold market cap.”

– Michael Saylor, bull of bulls

What they said yesterday…

Very true

Moving quickly

A blip

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11/3/2021

Bitcoin extended its winning streak yesterday, soaring to over $56,000 before a pullback last night took it back down to just below the $55,000 level, where it is currently trading.

The move came after the US House of Representatives on Wednesday passed a $1.9 trillion coronavirus relief bill that will see many US citizens get a $1,400 cheque in the post – a measure that some speculate will drive up inflation and showcase Bitcoin’s key attributes as a deflationary asset. It could also create an influx of demand, similar to the $1,200 stimulus cheque last year. That cheque would now be worth over $10,000 if invested in bitcoin.

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 08:30am GMT.

Crypto markets at a glance

Total crypto market cap

The total capitalisation of the entire cryptocurrency market at time of writing was $1,669,842,795,059, up from $1,687,243,959,650 yesterday.

What bitcoin did yesterday

We closed yesterday, 10 March, 2021, at a price of $56,008.55 – up from $54,824.12 the day before. That’s the highest daily close since 21 February.

The daily high yesterday was $57,258.25 and the daily low was $53,290.89.

This time last year, the price of bitcoin closed the day at $7,909.73. In 2019, it was $3,951.60.

As of today, buying bitcoin has been profitable for…

99.9% of all days since 2013-04-28.

Bitcoin market capitalisation

Bitcoin’s market capitalisation is $1,018,236,417,117 at time of writing, up from $1,017,870,182,774 yesterday. That’s bigger than VISA and Mastercard combined. To put that into context, the market cap of gold is $11.036 trillion.

Bitcoin volume

The volume traded over the last 24 hours was $53,488,255,989, down from $49,266,303,818 yesterday. 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 66.1%.

Fear and Greed Index

Market sentiment remains in Greed, up to 73 today.

Bitcoin’s market dominance

Bitcoin’s market dominance is 62.02. Its lowest ever recorded dominance was 37.09 on 8 January, 2018.

Relative Strength Index (RSI)

The daily RSI is 62.69. 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

“Every informed person needs to know about Bitcoin because it might be one of the world’s most important developments.”

Leon Louw, two-time Nobel Peace Prize nominee

What they said yesterday…

Not everyone is buying Bitcoin…. Yet

Stimulated

Very true

Will Saylor ever stop?

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10/3/2021

Bitcoin saw its fourth straight daily gain yesterday, as the largest cryptocurrency climbed briefly past $55,000 late in the day. A stumble overnight saw the price fall as much as 2.1% back down to $53,500, though normal service was swiftly resumed and it’s again changing hands at around $55,000 at time of writing. Can bitcoin again test the record high it set last month?

It seems everyone is coming round to the idea of Bitcoin at the moment. Even long-time crypto sceptic and America’s largest bank, JPMorgan Chase is looking to join the party. They announced yesterday that they will issue debt linked to a basket of companies that they believe “to be, directly or indirectly, related to cryptocurrencies or other digital assets, including as a result of bitcoin holdings, cryptocurrency technology products, cryptocurrency mining products, digital payments or bitcoin trading.” Will there be any sceptics left soon? Who will we shout at on Twitter when they’re all gone?

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 08:30am GMT.

Crypto markets at a glance

Total crypto market cap

The total capitalisation of the entire cryptocurrency market at time of writing was $1,687,243,959,650, up from $1,662,115,823,854 yesterday.

What bitcoin did yesterday

We closed yesterday, 9 March, 2021, at a price of $54,824.12 – up from $52,246.52 the day before. That’s the highest daily close since 21 February.

The daily high yesterday was $54,824.12 and the daily low was $51,981.83. That’s the fifth consecutive higher daily low in a row.

This time last year, the price of bitcoin closed the day at $7,923.64. In 2019, it was $3,963.31.

As of today, buying bitcoin has been profitable for…

99.9% of all days since 2013-04-28.

Bitcoin market capitalisation

Bitcoin’s market capitalisation is $1,017,870,182,774 at time of writing, up from $1,005,407,221,246 yesterday. It’s now less than $400 billion behind silver. That may sound a lot, but it was over $100 billion behind Tesla not that long ago, and now it’s almost $350 billion ahead.

Bitcoin volume

The volume traded over the last 24 hours was $49,266,303,818, down from $52,963,089,659 yesterday. 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 73.96%.

Fear and Greed Index

Market sentiment is down to 68 today, back in Greed.

Bitcoin’s market dominance

Bitcoin’s market dominance is 61.17. Its lowest ever recorded dominance was 37.09 on 8 January, 2018.

Relative Strength Index (RSI)

The daily RSI is 63.71. 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

“At its core, bitcoin is a smart currency designed by very forward-thinking engineers. It eliminates the need for banks, gets rid of credit card fees, currency exchange fees, money transfer fees, and reduces the need for lawyers in transitions… all good things.”

– Peter Diamandis, CEO of the Zero Gravity Corporation

What they said yesterday…

👀

Who’s the whale?

Quite the turnaround

pic.twitter.com/Yyuat6I2lJ

— Documenting Bitcoin 📄 (@DocumentingBTC) March 10, 2021

Slowly at first, then all at once

Industry news

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