It seems that Bitcoin has no limit, following another surge of 17% over the past 24 hours to reach a high of around $13,600 on BitMEX, where the current high lies, as of now. This is the highest price of Bitcoin in 17 months. The market cap of Bitcoin that only yesterday crossed the $200 Billion mark had reached $237 billion level.
It seems that the FOMO has taken the entire industry in a choke-hold, as traders continue to sell their altcoins to hold Bitcoin. There has also been an increase in the volume of stablecoins entering exchanges which indicates traders are ready to re-invest back in Bitcoin.
As Bitcoin continues to create fresh 2019 highs, the trading volume on BitMEX exchange has also continued to record new all-time highs. In the past 24-hour trading session, BitMEX has managed to clear a total volume of around $10.795 billion – all trading on the Bitcoin derivatives market.
It has been suggested that this growth seen in the derivatives market has been one of the reasons that have helped to drive Bitcoin to these fresh 2019 heights. As the open interest on the market continues to remain consistently high, which had even managed to break the $1 billion barrier today, proves that traders keep their long positions open.
Bitcoin has now seen a surge of 45% over the past 30 days with a further, rather magnificent 227% price surge over the past 3 months – which is reflected in the chart below.
BitMEX also achieved US$1 Billion open interest on the Bitcoin perpetual swap contract, for the first time pic.twitter.com/hNK2dSg4R7
— BitMEX Research (@BitMEXResearch) June 26, 2019
Looking at the daily chart of BTC, we see how the volume has outstripped the volume seen during the 2017/2018 bull run. The volume seen on BitMEX had started to surge during March 2019 and then slowly began to increase in the following months since then.
We can also see that XBTUSD has also reached the resistance at a very long term bearish .618 Fibonacci Retracement level, approximately at $13,636, measured from 2018 high to the 2018 low. However, judging from the recent bullish momentum seems like nothing can slow down the pace of Bitcoin.
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