Another day, another new all-time high. When prices break into new discovery phases, it's best not to try and work out where it might stop. But, we are human, and we like to ponder these things. Given we only have the 'big numbers,' (40,000, 50,000 etc.) to offer us markers, it's worth considering if the total market cap of Bitcoin is going to act as break on price appreciation.
Yesterday, the total value of digital assets crossed the 1 trillion level, and today, Bitcoin passed $750,000,000. The 1 trillion marker in Bitcoin currently sits at around $54,000.
As we race through the upside, it will be interesting to see if this is just a target to be broken, or one that will slow the rise. Given the buoyancy of the market, it certainly feels like something we are about to find out sooner rather than later!
Open interest on future exchanges added another $1B yesterday.
...With the CME back to number 1 spot as the largest Bitcoin futures venue.
"Wait till the institutional money turns up," they said.
Well, here it is.
As we head into the 'non-institutional' weekend trading session, it will be interesting to see if we take a break from printing new highs everyday, or whether the retail crowd pick up the slack and help push us straight on towards that $1T magic market cap number...
Have a great weekend!
The break up above $40,000 has seen prices advance towards $42,000 in quick fashion. The all-time high now rests at $41,794.
Another push higher will open a move to $45,000, with $43,000 and $44,000 likely to offer much in the way of resistance.
On the downside, $40,000 will now act as support, with the chance of a move down to $38,180 seen if we break the big round number. Below here, we see strong support, with dip buyers waiting. The best the bears can hope for is $35,868.
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The natural ebb-and-flow of price, has replaced the bullish moves seen through October and early November
It looks like crypto isn’t correlated to traditional markets, at least not during this past session.
Investors aren’t ready to give up on equities yet.
One of the big factors contributing to bitcoin’s expansion over gold is that millennials are becoming more knowledgeable of the investing world.
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