Home stretch: Bitcoin only a few meters away from the all-time high
While the Bitcoin betting business testifies to a lively bustle on the digital trading floor, the bulls 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 share price continues seamlessly from the rapid rally of recent days. In the early morning hours it went again under the 19,000 US dollar mark. Since then, however by Bitcoin Future, the crypto reserve currency has been revving up again, climbing to 19,044 US dollars at the time of going to press. In a 30-day comparison, Bitcoin has thus increased in value by over 46 percent.
Bitcoin exchange rate in weekly chart
Formally, the Bitcoin course is still a few meters away from its all-time high. Unofficially, however, the digital currency has already reached its interim goal. With a market capitalization of currently 350 billion US dollars, the total value of all Bitcoin already exceeds the peak value from ATH times by 30 billion US dollars. The fact that the BTC exchange rate is still lagging somewhat behind the record high is solely due to the increased supply since then. Almost two million more Bitcoins have been in circulation since then.
Rush for Bitcoin Futures
If the Bitcoin price goes up, the futures transactions will also pick up again. With a high fluctuation width finally not only risks of loss, but also high profit chances accompany. The Bitcoin exchange Binance in particular is currently suffering from this. At over 1.2 billion US dollars, open interest, i.e. the potential trading volume of all outstanding futures contracts, reached a new all-time high on November 24.
With a 24-hour trading volume of over 11.4 billion US dollars, the Bitcoin stock exchange also clearly sets itself apart from the competition in futures trading. Huobi, with more than 8.6 billion US dollars, ranks second, and the recently confusing OKEx exchange in third place with almost 6 billion US dollars.
According to Datamish, traders have placed approximately 23,100 long contracts versus 10,300 short contracts. The majority of investors are not expecting the rally to end and are betting on a rising Bitcoin price.
Due to the price explosion, almost the entire BTC supply generates profit. Around 99.25 percent of the total volume in circulation is clearly in the black. For the majority of investors a Bitcoin investment has thus already paid off significantly.