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Bitcoin Price Rally Is About Hitting Record Highs

By: Omkar Godbole, Coin Desk


Bitcoin Price Rally Is About Hitting Record Highs


Bitcoin’s price set another new high for 2019 reaching $9,693 and it seems that it doesn’t have intention to stop surging. On June 20, the world’s largest cryptocurrency by market capitalization broke upwards on the daily chart, after being held beneath $9,348 for an extended period of time.

2019 seems to be more than good for Bitcoin price. Yesterday it hit the new record of $9,599, and, in the time of writing, it keeps surging 4.09% to $9,668.

Actually, this came as a bit of surprise because coin was held around $9,300 for a longer period of time. Analysts think that this connects to the open bets in CME futures that also have been hitting record highs for two consecutive days.

The number of contracts or commitments outstanding in futures at a given point of time jumped to a record high of 5,311 contracts or $250 million on June 17 and hit a new lifetime of 5,391 just a day after.

Bare in mind that open bets are still rising along with the price this year and are currently up almost 80 percent from the levels seen in June 2018.

Coindesk’s analyst Omkar Godbole thinks that a rise in open interest along with the rise in price indicates that long (buy) positions are being built up. As a result, Bitcoin’s recent rally looks sustainable.

He said:

“As the CME has associated record open bets with an increased institutional interest in the leading cryptocurrency. Further, JPMorgan Chase recently pointed to the difference between trading volumes on cryptocurrency exchanges and CME as a sign of increased institutional activity in bitcoin.

Therefore, the cryptocurrency looks set to test $10,000 and may possibly break higher, as suggested by long-term technical charts below.”

This rise was expected if it’s to believe Tyler Winklevoss, 50 percent owner of Gemini crypto exchange, who said that he keeps being bullish on Bitcoin and the crypto industry. Bare in mind that he was always among BTC biggest supporters and that he operates an exchange that offers a variety of the digital assets.

Be it as it may, people in the industry have now started to compare this growth with the ‘all-time-happy’ 2017 when it took only roughly eight and a half days to breach $15,000 after Bitcoin price cut through $10,000 like a knife. Another roughly eight days later, Bitcoin went on to hit its all-time high of $20,000 before suffering a major correction and bear market. The rest of the market has also shown a nice surge. Ethereum (ETH) rose 5.57% to $283,71, Binance Coin (BNB) Went up 7.22% to $37,22 and Monero (XMR) went up 4.2% to $107,66. Not just that but the total market capitalization has risen to a high of $298.284 billion that is also a record since July 31, 2018. The cryptocurrency seems to be setting to test $10,000 and may possibly break higher that was 13 months ago.