Starting from Wednesday, bitcoin has maintained its upsurge even on Thursday. As per the data, the upswing of 1 Bitcoin increased up to $16,186. Although there has been a word of caution against this upswing of Bitcoin prices Guy Hirsch, MD of eToro.
Hirsch has reportedly said that several factors have contributed to this overtaking of the price level above $16,000. Two major reasons being the rotation of capital into a few small-cap virtual assets which has a market surge recently and some profit-taking as well. In case bitcoin can create the base of $16,000 as their lowest in the price range, they can easily rally towards a $17,000 resistance level and conveniently overtake that as well.
The Upward Journey Of Bitcoin
Jason Lau is the operating officer at OKCoin, a cryptocurrency exchange company based in San Francisco, also shares the points of view expressed by Hirsch.
Lau stated that bitcoin has been experiencing a sort of bullish trend as evident in their increase in stock prices. In fact, for the very first time, BTC has been able to cross the price mark of $16,000 after three years. This points towards their bullish rally and a very positive future for BTC. Lau also said that till their resistance aim of $20,000 is touched and overtaken, bitcoin’s trend for the upcoming weeks in 2020 will be a crucial deciding factor for many issues.
In addition, Lau also said that the numbers of open interest of BTC are unsurpassed owing to the influential institutional interest. Since PayPal has permitted cryptocurrency options to all users in the US from today, the inbound retail flow has been showing very high figures. All these factors have combined to add fuel to this upward rally of bitcoin.
On Wednesday. BTC futures crossed a whopping $8 million for open interest for important venues.
Denis Vinokourov, head researcher at Bequant, stated that not only the unregulated venues and open interest of BTC that has continuously been on the rise but the CME seems to be inching closer towards the massive mark of $1 billion. In fact, on Wednesday, the CME was confirmed to be $912 million.
On Thursday, bitcoin’s spot volume also appeared to be very strong as it almost touching $1 billion. This figure was way higher than the average volume per day of $378 million within the period of the last one month.
Ether’s market cap was approximately $458 on Thursday, which was a 1.6% decline within the last 24-hours.
On Wednesday, it was seen that DEX Uniswap had ‘locked’ an amount of over $3 billion cryptocurrencies.
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