While the Bitcoin betting business is evidence of the hustle and bustle on the digital trading floor, the cops are not giving up the reins and are slowly but surely driving the Bitcoin price towards an all-time high. The market update.
With a 24-hour plus of 3.1 percent, the Bitcoin course seamlessly ties in with the rapid rally of the last few days. In the early hours of the morning, it went below the 19,000 US dollar mark. Since then, however, the crypto reserve currency has turned up again and climbed to 19,044 US dollars at the time of going to press. In a 30-day comparison, Bitcoin has increased in value by over 46 percent.
Formally, the Bitcoin price is still a few meters away from its all-time high. Unofficially, however, the digital currency has already reached its milestone. With a market capitalization of currently 350 billion US dollars, the total value of all Bitcoin has already exceeded the peak value from the ATH era by 30 billion US dollars. The fact that the BTC exchange rate is still a bit behind the record high is solely due to the increase in supply since then. Almost two million more Bitcoin has been in circulation since then.
If the Bitcoin price goes up, the futures contracts also pick up again. With a high range of fluctuation, there is not only a risk of loss, but also a high chance of profit. The Bitcoin exchange Binance is currently benefiting from this. Open interest, i.e. the potential trading volume of all outstanding futures contracts, hit a new all-time high on November 24th at over US $ 1.2 billion.
With a 24-hour trading volume of over 11.4 billion US dollars, the Bitcoin exchange also clearly sets itself apart from the competition in futures trading. Clearly behind, Huobi ranks second with over 8.6 billion US dollars, and OKEx, the most recently confusing exchange, ranks third with almost 6 billion US dollars.
According to Datamish Traders placed around 23,100 long contracts versus 10,300 short contracts. The majority of investors, therefore, do not expect the rally to end and bet on a rising Bitcoin price.
Due to the price explosion, almost the entire BTC supply is generating profit. Around 99.25 percent of the total amount in circulation is clearly positive. For the majority of investors, a Bitcoin investment has already paid off significantly.
But these profits can also be paid out to investors. As the following graphic shows, the number of accumulation addresses has declined slightly and has slipped below the value of 500,000 in the last few days.
Given the rapid price rally, it is not surprising that investors are transferring their Bitcoin and securing returns. Profit-taking will keep pushing Bitcoin down and is also conducive to healthy market growth. In the last few weeks, the market has finally heated up considerably. Consolidation phases are therefore necessary in order to cool down the market and also the FOMO-driven moods a bit and also make room for newcomers or follow-up buyers. The setbacks in turn create growth potential and Bitcoin is likely to hold on to its course and zigzag northwards.
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