It seems that Bitcoin has no limit following another price surge of 17% over the past 24 hours. BTC’s high of $13,6000 on BitMEX was the highest price of Bitcoin in 17 months. The market cap of Bitcoin, which only yesterday crossed the $200 billion mark, has since reached $237 billion.
It seems that FOMO has placed the entire industry in a choke-hold, as traders continue to sell their altcoins in order to hold Bitcoin. There has also been an increase in the volume of stablecoins entering exchanges, which indicates that traders are ready to re-invest back into Bitcoin.
As Bitcoin continues to create fresh 2019 highs, the trading volume on the BitMEX exchange has also continued to record new all-time highs. In the past 24 hours, BitMEX has managed to clear a total volume of around $10.795 billion – all from the Bitcoin derivatives market.
It has been suggested that the growth seen in the derivatives market has been one of the things that have helped to drive Bitcoin to its current heights. Open interest in this market, which managed to break the $1 billion barrier today, has remained consistently high, proving that traders are keeping their long positions open.
Bitcoin’s price has seen a surge of 45% over the past 30 days, with a further magnificent 227% price surge over the past 3 months, as 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 BTC daily chart, we see how the recent volume has outstripped the volume seen during the 2017-2018 bull run. The volume on BitMEX started to surge in March of this year and then slowly began to increase in the months since.
Moreover, the BTC-USD market has reached the resistance located at a very long-term bearish .618 Fibonacci retracement level, approximately $13,636, as measured from the 2018 high to the 2018 low. However, judging from the recent bullish momentum, it seems like nothing can slow the pace of Bitcoin.