Monday, April 12, 2021
No Result
View All Result
CONTACT
First Crypto News
  • News
  • Bitcoin
  • Ethereum
  • Industry
  • Market Updates
  • Price
  • Coins
  • Press Release
  • News
  • Bitcoin
  • Ethereum
  • Industry
  • Market Updates
  • Price
  • Coins
  • Press Release
No Result
View All Result
First Crypto News
No Result
View All Result

CME Bitcoin Futures open interest hits ATH

by firstcryptonews
December 23, 2020
in Industry
No Bitcoin Manipulation: Analyst Defends 2020 Price Surge of 57%

Bitcoin’s price has grown 228% year-to-date and has managed to register a new ATH at $23,777. The common thought behind this appreciation of BTC was the growth of institutional interest in the coin. This interest was reflected in the Chicago Mercantile Exchange [CME]. As the value of Bitcoin started to rise, the CME’s OI also surged and has now reached an all-time high at $1.4 billion.

The above chart highlights how the open interest was under $1.2 billion in September and early October. During the same time frame, Bitcoin’s price was consolidating under $11k, but as the price began to rise towards the latter half of October, the CME OI has also noted a  spike. Following this rise, a new ATH in terms of OI was seen in November when the value reached $1.16 billion and briefly became the largest futures market for BTC.

However, now that the OI has increased to $1.41 billion on the CME it is still in the second position among the largest crypto exchanges. The top position has been taken by OKEx with $1.42 billion, with a very minimal gap between the top two exchanges.

Whereas Binance takes the third position with $1.30 billion, and the rest remained under $1 billion.

Is this the top?

The rising price of Bitcoin has been a long-awaited dream for many and even though there have been wild speculations about the value of BTC, a lot of hodlers are satisfied with its current price. However, a historic event might be causing us to ask the question of whether this is the top for now?

In 2017, when the price of Bitcoin was peaking at $19k, the CME introduced its Bitcoin futures. However, a little later the price of the cryptocurrency dropped. Although it could be due to the low interest and the price of the digital asset booming in the short term, the current market is also seemingly awaiting a price correction.

The Relative Strength Index has been holding in the overbought zone, which was an indication of a trend reversal. The price has not been interrupted by a correction, and with the price consolidating under $23k, we may see a change in trend.

At press time BTC was trading at $22,890 with a market cap of $425.2 billion and a 24-hour trading volume of $38 billion.

Related Posts

This is what some economists are getting wrong about Bitcoin

This is what some economists are getting wrong about Bitcoin

by firstcryptonews
March 17, 2021
0

The intrinsic value of an asset determines its long-term existence in the market. The ‘spicy’ flavor is the intrinsic value...

Twitter CEO Jack Dorsey extends Bitcoin emoji until the year 3000

Twitter CEO Jack Dorsey extends Bitcoin emoji until the year 3000

by firstcryptonews
January 6, 2021
0

Jack Dorsey, the CEO of Twitter, officially confirmed on Twitter that the platform has extended the Bitcoin emoji until the...

Why XRP dropped 24% in 2 hours after a massive relief rally

Why XRP dropped 24% in 2 hours after a massive relief rally

by firstcryptonews
December 26, 2020
0

The XRP price has declined by 24% in the past hour on Binance after Bitstamp released its statement. In light...

Bitcoin dominance back to 2019 levels as institutions fill their bags

Bitcoin dominance back to 2019 levels as institutions fill their bags

by firstcryptonews
December 25, 2020
0

The world’s pioneer cryptocurrency has bounced back to glory after the DeFi summer stole much of the limelight. Bitcoin’s dominance...

IOHK’s new KEVM devnet opens up Cardano for Ethereum developers

IOHK’s new KEVM devnet opens up Cardano for Ethereum developers

by firstcryptonews
December 23, 2020
0

IOHK announced that Solidity, a programming language for writing smart contracts on Ethereum, is now compatible with the Cardano blockchain...

Ex-KFC Worker Busted for Building Bitcoin-Aided Crime Enterprise

Sovryn Brings DeFi Bitcoin to RSK

by firstcryptonews
December 23, 2020
0

During the last months, DeFi Bitcoin (BTC) tokens have been offering services on top of the Ethereum (ETH) network. However,...

Next Post
Bullish Signal: South Korean Parliament Passes Law That Fully Legalizes Cryptocurrency Holding And Trading

Angel investor says crypto DeFi is one of the best “frontiers” in Silicon Valley today

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Bitcoin dominance back to 2019 levels as institutions fill their bags

Bitcoin dominance back to 2019 levels as institutions fill their bags

4 months ago
‘Unique Setup’- Top Analyst Explains Why Bitcoin May Not Rally Pre-Halving Like Last Time

‘Unique Setup’- Top Analyst Explains Why Bitcoin May Not Rally Pre-Halving Like Last Time

1 year ago
payaccept

PayAccept – Currency and Wallet payments accepted in seconds.

8 months ago
Bull-Bear Battle Escalates – Bitcoin Price Looks To Retest $8,500

Bull-Bear Battle Escalates – Bitcoin Price Looks To Retest $8,500

1 year ago
Alpha X

Alpha X – A e-commerce platform with completely decentralized system.

2 years ago
SWACE IEO

That’s it! The first round of our IEO was a ROARING success after we exceeded our own expectations.

2 years ago

First Crypto News

First Crypto News

First Crypto News is the Fastest Crypto News Portal. We Bring the Best and We Bring it Fast.

Bitcoin

Will Twitter follow MicroStrategy’s Bitcoin strategy?

Will Twitter follow MicroStrategy’s Bitcoin strategy?

March 2, 2021

Recent News

obortech

OBORTECH Brings Defi Solution to Mounting Supply Chain Crisis

March 26, 2021

Press Release

Multiplays

Multiplays: Blockchain Gaming Reinvented Using NFTs

April 11, 2021

© 2020 First Crypto News

No Result
View All Result
  • Home
  • World
  • Science
  • Tech

© 2020 First Crypto News