Bitcoin, the world’s largest cryptocurrency has not just seen a rise in price and market cap but also in various other attributes. These rises together contributed to BTC’s current standing on top of the chart with a market cap much higher than $150 billion.
According to new reports, the open interest of Bitcoin is also on the rise with hopes that the parameters will go up again once Bitcoin’s price reaches closer to the psychological $10,000 level. This mark was last achieved on 7 March 2018, and the latest bull run has played a role in pushing Bitcoin’s fortunes into the positive realm. The current analysis of Bitcoin’s open interest showed that the spike in magnitude has been consistent, holding near the 76,000-mark.
Just recently, Bitcoin futures contract also displayed a strong Volume/Open Interest on the event of its contract expiry. Alex Kruger, a popular financial market analyst had stated that:
“Bitcoin is the second most heavily traded asset at the CME when measured by the volume / open interest ratio. In other words, bitcoin is an asset very actively traded throughout the day.”
The rise in Bitcoin’s open interest rate comes at a time when the cryptocurrency has been vying to breach the $9000 mark again. Skew, a Bitcoin analysis website also added:
“The 10,000 strike is the largest open interest on the upside for the upcoming June options expiry on the 28th – ~1,700 bitcoin options contracts open.”
The rise in Bitcoin’s individual sectors went hand in hand with another analysis that informed users that the maximum amount of BTC trade occurred at the start of the week, ie. Sunday and Monday. The daily and hourly breakdown of the trades showed that on an average Sundays saw $183.5 million worth of Bitcoin trade while Monday one-upped it by witnessing BTC trade worth $197.5 million on average. This research was a counter-argument to all those who believed that trades hit a low point during the weekends.
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