The crypto market is also releasing its sideways rigidity and switching back to record mode: In addition to total market capitalization, Bitcoin futures are also reaching an all-time high.
Forward: In the weekend spurt, the crypto market takes a mini steep flight. Total market capitalization set a new record at $ 1.79 trillion. On the way to the 2 trillion mark, the Bitcoin price is gradually approaching its record level again. With a daily plus of 3.2 percent, the crypto key currency was quoted at 57,287 US dollars at the time of going to press, which is only 2.3 percentage points below the previous all-time high. Compared to the previous week, Bitcoin has gained a remarkable 17.8 percent
The Altcoins also add a shovel just in time for the weekend. Litecoin (LTC) posted the largest increase among the top 10 coins with 5.4 percent, followed by Uniswap (UNI) with 3.8 percent. Ethereum (ETH) is meanwhile pushing itself back above the 1,800 mark and thus resuming the pursuit of US $ 2,000. Only the DeFi-Coins Polkadot (DOT) and Cardano (ADA) have to give up a bit with a 0.8 and 2.5 percent discount on a daily basis.
Bitcoin derivatives trading hits all-time high
While the prices in the daily chart are printing green candles, the inflow of capital into the future’s business is also increasing. According to Glassnode, the trading volume of the outstanding Bitcoin futures has reached a new all-time high. As the on-chain analysis company reports via Twitter, the open interest of Bitcoin futures currently amounts to almost 20 billion US dollars. At over $ 3.7 billion, Binance has the highest trading volume, followed by Bybit ($ 3.5 billion) and OKEx ($ 2.8 billion).
The total volume of Bitcoin options still outstanding also rose to a record high on March 11th.
On to the next bull cycle?
The figures make it clear that there is movement in the crypto market again. The consolidation that started after the Bitcoin all-time high in late February seems to be slowly turning back into a bull market. According to the Apoorv Gupta, Co-founder Caphiq , “the second major consolidation of the bull market of 2021 is almost complete.”
Accordingly, long-term investors in particular have used the correction phase to replenish their BTC stocks. Apoorv said: “Strong hands came in to buy this last dip”.
As the graph shows, it was mostly investors “with a low sales history” that struck during the consolidation. A bullish indicator that could support the next rally. After all, the falling Bitcoin supply on the trading venues could promote further price increases if demand continues to be high. The weather outlook points to a warm crypto spring. You can see more charts and bitcoin price analysis