Ethereum continues to outpace a flat Bitcoin

Wednesday 01 December 2021 11:19 am

A turbulent start to the week for Bitcoin continues, with the leading cryptocurrency yesterday bouncing between $56,000 and $59,000 as global financial markets continue to wobble in the face of the Omicron variant.

In spite of the apparent volatility, Bitcoin is actually flat over the past 24 hours, up one per cent to around $57k. Will we see a more significant move before the week is out?

It seems to be a to-and-fro between good and bad news for investors at the moment. After Monday’s announcement by the CEO of Moderna that vaccines may struggle to offer resistance to Omicron, the head of BioNTech yesterday said that its vaccine (produced by Pfizer) is likely to offer strong protection against any severe disease from the new Covid variant. Stocks have opened the day higher in London, but there may still be choppy waters ahead.

There’s also the ongoing issue of inflation. Bitcoin’s price fell yesterday in the wake of US Federal Reserve Chair Jerome Powell’s warning that the risk of higher inflation has increased, which raised the spectre of interest rate rises. The move suggests that investors are not yet seeing Bitcoin as a hedge against inflation similar to gold.

The big winner this week is Ethereum. The world’s second-largest cryptocurrency by market capitalisation is really shrugging off the uncertainty though. It was approaching $4,800 yesterday, near its all-time high, and was up about seven per cent over the past 24 hours. Ether is currently outperforming Bitcoin by the greatest amount year-to-date since its inception in 2015 as an alternative to the original cryptocurrency. Ether is up about 530 per cent since December, compared with a doubling in value by Bitcoin.

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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 $2,634,445,198,256, up from $2,566,164,744,828 yesterday.

What Bitcoin did yesterday

We closed yesterday, November 30 2021, at a price of $57,005.43, down from $57,806.57 the day before. The daily high yesterday was $59,113.40 and the daily low was $56,057.28.

This time last year, the price of Bitcoin closed the day at $18,803.00. In 2019, it closed at $7,424.29.

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $1.074 trillion. To put it into context, the market cap of gold is $11.358 trillion and Tesla is $1.149 trillion.

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $36,026,281,120, up from $32,227,712,795 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 47.32%.

Fear and Greed Index

Market sentiment today is 34, in Fear.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 41.27. Its lowest ever recorded dominance was 37.09 on January 8 2018.

Relative Strength Index (RSI)

The daily RSI is currently 46.00. 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

Bitcoin is “the inevitable future of money”.

$10 billion deVere Group founder

What they said yesterday

Bitcoin is inevitable…

The #Bitcoin hash rate has almost completely recovered from the China ban.

It’s risen over 80% since July ?

— Bitcoin Magazine (@BitcoinMagazine) November 29, 2021

Just relax…

Viewing #Bitcoin as a form of savings, rather than as an investment, takes away all the stress of buying it.

— Vijay Boyapati (@real_vijay) November 30, 2021

Man’s got rhymes…

“Look, If you had one shot, or one opportunity, to seize everything you ever wanted, in one moment, would you capture it, or just let it slip?” – @Eminem on #Bitcoin

— Michael Saylor⚡️ (@saylor) November 30, 2021