Bitcoin’s Stride For Making All Time High Is Similar To Historic Run In 2021
The recent surge of Bitcoin (BTC) price resembles the all-time high historic bullish market of the coin in 2021. According to a Bloomberg report, the recent robust activities in the Bitcoin market, have created a bullish zone echoing the two years old Bitcoin’s status of constant rise. Bitcoin price now making strides toward making a new all-time-high.
BTC’s Price Surge Resembles 2021’s Bullish Period
Speaking of the current BTC market status, the cost of perpetual futures trades and options open interest points to a revival in speculative gusto for Bitcoin. Despite FTX’s Bankruptcy and massive fall in 2022, Bitcoin showed massive growth and showed more than doubling in price this year compared to the extreme rout in 2022.
One of the major reasons behind the constantly rising prices is said to be the pending ETF approval. Although there have been delays in the Bitcoin Spot ETF Approval, by the US SEC, the consideration since the past few weeks has been enough for market traders to invest in Bitcoin for both institutional investors and individual retail investors.
In addition, sharing their viewpoint, a spokesperson for Deribit, the largest crypto options exchange, said the notional value of Bitcoin options open interest on the platform reached a record of roughly $14.9 billion earlier this week. The new high in prices broke the record of 2021’s $14.4 billion high. As per Deribit, bullish options bet on Bitcoin hitting $40,000 even $45,000 by the end of December.
Another crypto expert and co-founder of digital asset derivatives liquidity provider Orbit Markets Caroline Mauron said crypto calls have been in demand since the past few weeks.
Also Read: Ripple CLO Slams SEC Chair Gensler’s Remarks On Prejudgment
BTC’s Financial Revolution and Key Future Trends
Currently leading the financial trend in the cryptocurrency sector, Bitcoin is an unavoidable trading option due to its constant market surge, impact on crypto enthusiasts, and demand. BTC’s potential growth and interest in diversity in the crypto world are helping to shape a new era of crypto finances.
While the ETF approval expectation has been enough of a reason to lead the market despite fluctuation in prices, another reason is the perpetual futures of the coin, which keeps the engagement and trading constant. Reports suggest that exchanges use the so-called funding rate to align the contracts to the underlying spot price, and in bullish periods the rate tends to be positive, indicating traders betting on gains.
In the past week, the perpetual futures witnessed by BTC were last seen before the 2022 rout, during its all-time high era in 2021.
Meanwhile, Bitcoin price has hit $44,000 this week. Matrixport research in October accurately predicted BTC price reaching $45k in December. Now the market awaiting if post-bitcoin halving price will hit $125K, as predicted by Matrixport.
Also Read: Bitcoin Price Can Hit $50,000 Next Week, Predicts Popular Crypto Analysts
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