New all-time high for bitcoin

The Weekly Update - Week 48

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Highlights from this week’s report

Market Update

  • The week we’ve all been waiting for: bitcoin just touched a new all -time high after almost three years.

  • The past week has seen the bitcoin volume explode, surpassing the highs from December 2017. The market sentiment is now at the highest level ever.

  • Institutional investors are also joining this party. CME was for a brief moment last week the largest bitcoin futures market, a historical day for institutional bitcoin trading.

  • We’ve seen some huge swings in the overall futures market for bitcoin lately, and yesterday marked the largest increase in open interest this year.

Valuation

  • The highest monthly close for bitcoin in history was seen yesterday, as November ended just above $19,700. Can the $20,000 level finally be broken, or should we prepare for a retrace?

  • The bitcoin futures premium rates are skyrocketing with the bitcoin price and traders are definitely increasing their exposure to the upside.

Blockchain Activity

  • OKEx withdrawals have been resumed after more than a month of suspension, and the result has been large outflows of BTC from the exchange.

  • With the recent push towards the highs from December 2017, we have seen more old coins starting to move again. Are some investors from the peak of 2017 getting ready to take some profits?

Read more here


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