Bitcoin Stalls At $11,000 – ihodl.com


Bitcoin has started the day posting minor gains. At press time, the largest cryptocurrency by market cap is trading at $11,040.56 (+1.29%), according to CoinMarketCap.

Chart of the USD/BTC trading pair from EXANTE

For its part, Ethereum has grown to $320,99 (+1.26%), while XRP has jumped by 7.93% and is now trading at $0.239.

BTC futures reached on Monday a trading volume of 11,509 BTCs or about $124M at the current exchange rate on the platform.

The last time Bakkt’s trading volume experienced a sharp increase was in May, and this new high is 84% higher than the previous one, which was recorded in December 2019.

If this recent record is not taken into account, the average trading volume of Bakkt’s BTC futures since the beginning of the year stands at 1,726 BTCs or $15M. This shows that the platform represents a small portion of futures trading in the market.

FxPro’s team of analysts say:

“Bitcoin has been fluctuating around $11,000 over the past 24 hours, experiencing little changes in its price. However, this news could be considered positive, as the crypto market as a whole is growing moderately. The growth in demand for XRP has returned the crypto to the third place in CoinMarketCap’s ranking, and the token capitalization is now $1B higher than that of the leading stablecoin USDT. This situation perfectly demonstrates how fast capital flows from stablecoins to currencies that do not have a fixed price when new speculative opportunities arise.

The greed and fear index has fallen 5 points since yesterday to 71, from the ‘extreme greed’ area to simply ‘greed’. The jump in the price of Bitcoin has led to the liquidation of over $500M in short positions in the main crypto exchanges. Bitcoin futures have also experienced a significant increase in trading volumes. Thus, CME and other platforms have experienced a 186% jump in their daily volume. It is difficult to say what the balance of power will be between bears and bulls, however, there is no doubt the exhausting sideways trend of the last three months has ended with a victory for bulls.”

According to CoinMarketCap’s ranking, 9 currencies on the top 10 are in green.

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As for the market cap of all currencies listed in CoinMarketCap, it stays at $326,031,583,054.

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