Cryptocurrency Market Analysis

Bitcoin (BTC) price has again punched through the $13,000 mark after yesterday’s PayPal’s announcement sparked a powerful rally which drove the price to a new 2020 high. Currently sitting near $13,100, Bitcoin price has rallied nearly 10% since the announcement and BTC is now close to overtaking PayPal as the 21st biggest asset by market capitalization.PayPal’s crypto announcement comes two weeks after Square, another payments giant, [...]

Bitcoin (BTC) has a 7% probability of beating its $20,000 all-time highs by the end of this year, data shows.According to data from on-chain analytics resource Skew, as of Oct. 22, Bitcoin options were moving in favor of higher prices continuing in 2020.BTC odds “repricing quickly”At press time, the likelihood of BTC/USD being $20,000 or higher by Dec. 31, 2020 was 7%, with 11% for [...]

In 2017, the price of Bitcoin (BTC) reached as high as $20,000 before crashing rapidly. Now, the same on-chain top signal has reemerged, according to researchers at Glassnode. But besides much stronger fundamentals this time around, the ongoing rally feels significantly different for other reasons.Bitcoin typically pulls back when whales take profit, causing a ripple effect throughout the cryptocurrency market. As such, when the overwhelming [...]

Compiled by entrepreneur and market commentator Alistair Milne, exchange rate figures show that at this week’s highs, Bitcoin was worth more in seven currencies than ever before.Countries where #Bitcoin has hit a new ATH in their local currency:Brazil - pop. 209millionTurkey - pop. 82mArgentina - pop. 44.5mSudan - pop. 41mAngola - pop. 30mVenezuala - pop. 29mZambia - pop. 17mSoon:RussiaColombia... then all other fiat currencies— Alistair [...]

On Oct. 21 Bitcoin (BTC) price overtook the $13K mark to reach $13,217 after traders took out key resistance levels at $11,900, $12,000, and $12,500 in the last 48-hours. While there are various technical reasons behind the abrupt upsurge, there are three key factors buoying the rally.The three catalysts are a favorable technical structure, PayPal enabling cryptocurrency purchases, and Bitcoin's rising dominance rate.PayPal's crypto announcement [...]

As Bitcoin (BTC) breaks the $12,000 resistance, derivatives markets are flirting with overly excessive bullish sentiment. The futures basis and the options 25% delta skew both reached the same levels seen now on October 12 when BTC briefly tested $11,700 but failed to maintain momentum.What differentiates the current situation from nine days ago is the positions of top crypto traders. On Oct. 12, these traders [...]

The crypto markets are cheering PayPal’s decision to allow its customers to use cryptocurrencies to shop from its vast merchant network. PayPal also revealed that U.S. account holders will be able to buy, sell, and hold cryptocurrencies in the PayPal app. The company plans to extend this service to a few other countries in the first half of 2021. PayPal’s decision has significantly increased the reach [...]

Bitcoin (BTC) hit highs of $12,865 during trading on Oct. 21 as news that PayPal would support cryptocurrency continued to boost markets.Cryptocurrency daily market overview. Source: Coin360BTC price closes in on 2019 highsData from Cointelegraph Markets, Coin360 and TradingView confirmed Bitcoin’s best day in over a year as 24-hour gains topped 7%.At press time, hours after rising to $12,400, BTC/USD crossed $12,500 to only see [...]

Bitcoin (BTC) gained almost 5% on Oct. 21 as bullish price action combined with fresh corporate adoption news to boost gains.Cryptocurrency market daily performance overview from Coin360PayPal takes BTC price to $12,400Data from Cointelegraph Markets and Coin360 showed a strong 24 hours for bulls on Wednesday, with BTC/USD topping out at $12,400.At press time, $12,300 formed the focal point, around an hour after Reuters reported [...]

Bitcoin (BTC) abandoning correlation with traditional markets will be its “biggest story” if it continues, one popular analyst says.In a series of tweets on Oct. 21, Cole Garner highlighted Bitcoin’s market decoupling among bullish price factors.Garner: Decoupling will be crypto’s “biggest story”Garner retweeted a chart of Bitcoin, gold, the S&P 500 and Ether (ETH), which shows Bitcoin striking out on its own, delivering positive returns [...]

On Tuesday Bitcoin (BTC) bulls mustered enough strength to push BTC price slightly above the $12K mark, a level not seen since Sept. 1. Cryptocurrency daily market performance snapshot. Source: Coin360The move occurred after Monday’s (Oct. 19) high volume surge to $11,822 was followed by continued buying into Tuesday, providing enough momentum for bulls to push above the ascending channel to $12,038. BTC futures volume by [...]

On Oct. 14, Wilshire Phoenix investment firm released its Efficient Price Discovery report, which detailed how CME Bitcoin (BTC) futures impact Bitcoin price discovery.The firm concluded that "CME Bitcoin futures contribute more to price discovery than its related spot markets." And the researchers also suggested that:"CME Bitcoin futures have grown to become significant, this is not only demonstrated through trading volume and open interest, but [...]

Within the past few hours, Bitcoin (BTC) price rose to $11,988 before pulling back to hover around the $11,900 level. The price is on the cusp of breaking above $12,000, and some analysts have suggested that the dominant cryptocurrency is in the process of decoupling from the rest of the market, including U.S. equities.The general sentiment around Bitcoin among analysts and traders remains positive and [...]

Crypto market sentiment appears to be improving across the board and the global push to mainstream central bank digital currencies is also making headway. In China’s Shenzhen province about 2 million people had applied for the digital yuan giveaway and the lucky 50,000 among them received “red envelopes” of digital yuan totalling $1.5 million. By the end of Oct. 18 about 47,573 of the recipients had [...]

According to CME, the amount of Bitcoin (BTC) long contracts held by institutions are at an all-time high. Yet, CME’s most recent Commitment of Trader report shows hedge funds are at a record-high for BTC shorts.There seemingly is a major difference in the perception of Bitcoin’s short to medium-term trend between hedge funds and institutions.CME Bitcoin futures net open interest. Source: SkewWhy are hedge funds [...]

Old hands are selling their Bitcoin (BTC) holdings, according to Glassnode’s Coin Dormancy metric. As shown below, dormant addresses selling BTC marked previous tops in BTC.Coin dormancy of Bitcoin. Source: GlassnodeOn-chain analyst Willy Woo said old hands reliably sold the top until the most recent price cycle. He wrote:“Dormancy is a measure of ‘old hands selling out.’ It's interesting to see old hands reliably sold [...]

Coming every Sunday, Hodler’s Digest tracks every important crypto news story from the previous week. Essential reading for all Hodlers!Top Stories This WeekCalm before the storm? Analyst says $20,000 Bitcoin is possible in three monthsBitcoin volatility has fallen to a 16-month low, indicating that a sharp move is on the horizon.Large fluctuations tend to follow prolonged periods of consolidation, and according to a Bitazu Capital [...]

Bitcoin (BTC) options aggregate open interest has increased to $2 billion, which is 13% below the all-time high. Although the open interest is still heavily concentrated on Deribit exchange, the Chicago Mercantile Exchange (CME) has also reached $300 million.In simple terms, options derivatives contracts allow investors to buy protection, either from the upside (call options) or downside (put options). Even though there are some more [...]

Historically, a weaker United States Dollar leads to strength across other “safe haven” assets. By analyzing the correlation, such momentum and conclusion can also be drawn with Bitcoin (BTC) and the USD.Bitcoin has gained in 2020 as the U.S. Dollar Currency Index (DXY) has been having a tough year. But will this momentum continue in the coming months? Let’s take a closer look at the [...]

Earlier this week Bitcoin (BTC) price entered a bullish breakout to $11,725 following the previous week’s news that Square purchased $4,709 BTC but since then the price has slumped back into a sideways range. Several rejections near $11,500 and the recent news of OKEx halting all withdrawals as its CEO ‘cooperates’ with an investigation being carried out by Chinese authorities is also weighing on investor sentiment [...]

Data from Arcane Research shows Bakkt Bitcoin exchange saw another record-high month from Sept. 20 to Oct. 20. This follows a noticeable rise in institutional demand for Bitcoin (BTC) from public companies in recent months.Bitcoin delivery on Bakkt. Source: ICE, Arcane ResearchBakkt, the digital asset payment platform and derivatives exchange, is tailored for institutional investors in the U.S. It is operated by Intercontinental Exchange, the [...]

Chicago Mercantile Exchange’s cash-settled Bitcoin (BTC) futures trading products “contribute more to price discovery than its related spot markets,” according to findings in a new report by investment firm Wilshire Phoenix.The increasing volumes of crypto derivative products highlight greater participation from institutional investors and this will likely be positive for the entire crypto space.This is not unique to cryptocurrencies because even in most other asset [...]

Jack Lu, 23, was struck by the idea for his new DeFi platform Bounce while working on his thesis on game theory and cryptocurrency at Reed College in California.“It took me quite a long time to think of it,” Lu explains about his game theory influenced auction platform. “Everyone was talking about lending and borrowing, and doing Uniswap and providing liquidity. When I looked at [...]

A recent survey by cryptocurrency data aggregator, CryptoCompare, shows that centralized exchange operators do not see the emergence of decentralized trading venues like Uniswap as a threat despite growing volume and activity in the DeFi space. In its September exchange review, CryptoCompare asked 26 of the leading venues in the space how likely it was for DEX liquidity to overtake that of centralized exchanges in a [...]

Last week, Bitcoin (BTC) saw its price rise 6.95%, rising from $10,804 on October 5 to $11,555 by October 12. The surge marked the best performing week for the price of Bitcoin since July and data show a noticeable shift in market sentiment around the digital asset.According to data from TheTie, an alternative data provider for digital assets, the daily sentiment score for Bitcoin has [...]