Two Major Signs That Bitcoin Bull Cycle is Still Early
The post Two Major Signs That Bitcoin Bull Cycle is Still Early appeared on BitcoinEthereumNews.com.
Key metrics such as a surging Bitcoin open interest and low Google search interest signal that Bitcoin could rally substantially, as the cycle is still early. Bitcoin is approaching its all-time high of around $74,000 after the recent spike over the last seven days. For context, the asset has rallied over 10% in the past week, reaching a three-month price high above $68,000 on Wednesday. With analysts expecting the asset would reach its ATH before the November US election, the appreciation seems miniature compared to the potential rally Bitcoin could pull off eventually. Notably, two metrics show that the Bitcoin bull cycle is still nascent. Market Participation Surges to ATH Data from Coinglass shows that the open interest of the largest cryptocurrency by market cap has surged to new highs, hitting $39.67 billion on Thursday. Notably, this metric tracks the number and value of open derivatives and options positions on the premier crypto asset at a determined span. The amount of funds actively traded on the Bitcoin market surged to $39.67 billion, surpassing yesterday’s high of $37.77 billion. This indicates increased interest and participation among traders, reinforcing bullishness. https://x.com/thecryptobasic Bitcoin Open Interest Meanwhile, the Chicago Mercantile Exchange (CME) leads Bitcoin trading activities among other exchanges, providing liquidity worth $12.25 billion. Notably, being the largest futures exchange, CME accounts for more than 30% of the total derivative activities on the premier crypto asset. Among traditional crypto exchanges, Binance, the largest platform by trading volume, commands a considerable amount of liquidity. Traders have opened about $8.08 billion worth of Bitcoin trading positions on the platform, accounting for 20% of the total derivative participation. Furthermore, other notable exchanges, like Bybit and OKX, have billions of dollars in derivative positions opened on them, while Coinbase and Crypto.com provide liquidity in millions. It bears mentioning…
Filed under: News - @ October 17, 2024 4:26 pm