Bitcoin has had a great November so far and many analysts believe the future remains bright for the top-ranked cryptocurrency.
Now, Bitcoin spot volume has passed all previous records in 2020, showcasing the growing demand for acquiring BTC. The strong rally to $16,200 led Bitcoin spot volumes to rise by more than 270% in the past month.
According to a recent report from Arcane research, the daily volume on Nov. 5 was the highest since the Black Thursday crash which brought BTC price below $4,000 on March 13.
Market sentiment is also reaching record-breaking numbers and this is clearly reflected in the the Crypto Fear and Greed Index which is currently at 86, a reflection of extreme greed in the market.
Many seasoned investors counter-trade the signal coming from the index as 'extreme greed' is reflective of FOMO or euphoric sentiment in the market and a sign to take profits.
Not only is spot volume for Bitcoin reaching 2020 highs, institutional interest has also been rampant throughout November, with multiple high profile companies and high-net-worth individuals investing Bitcoin.
Open interest for Bitcoin futures at CME also surged to near all-time highs last week at $934 million.
Reports from the Commodity Futures Trading Commission show that there are now 102 large traders holding positions and this is a 126% increase from the average figures seen throughout 2019.Will Bitcoin price rise as more participants enter the market?
Increasing participation in both spot trading and regulated Bitcoin products are clearly impacting Bitcoin current bullish trend and possibly altering how the digital asset is perceived by institutional and traditional retail investors.
As volumes at top tier exchanges and regulated derivatives markets continue to grow, it is possible that a Bitcoin Exchange Traded Fund will finally be approved and this would really open the gates for institutional investors to engage with Bitcoin and other crypto-assets.
Bitcoin price surge to $16.2K accompanied by record volume
Veröffentlicht auf Nov 12, 2020
by Cointele | Veröffentlicht auf Coinage
Coinage
Erwähnt in diesem Artikel
Neueste Nachrichten
Alle ansehen
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.