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Bitcoin Sets New All-Time High In These Global Currencies

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Bitcoin price blasted yesterday over $1,000 to a high of $13,200 and has reignited interest in the crypto market once again in a major way. A new 2020 high was set on the BTCUSD pair, but a higher peak over the 2019 top has yet to be reached.

Elsewhere in the world, however, the leading cryptocurrency by market cap has just set a new all-time high, valued in various national fiat currencies.  A new record is bound to incite FOMO in these countries, which could help keep the Bitcoin ball rolling uphill for months to come.

BTCUSD Breaks Above $13,000 For First Time In Over A Year, New 2020 Record Set

A perfect storm for Bitcoin is here, and the bull market is nearly upon us. The block reward halving said to have a dramatic impact on the asset’s supply and demand is now months ago, and the effect of digital scarcity might be the reason for rising valuations.

Businesses buying up massive sums of BTC to hedge against the dollar’s coming collapse has helped keep the top crypto asset resilience in the face of bad news for the industry. When the news turned positive this week, with PayPal revealing that it would soon support cryptocurrencies like Bitcoin, BCH, Ethereum, and Litecoin, the market responded with an enormous release of pent up bullish energy.

RELATED READING | THIS UNUSUAL BITCOIN ADOPTION METRIC SETS NEW ATH

The bullish impulse broke upward into a $1,000 and more intraday candle and set a new peak for 2020 at over $13,000.

The top cryptocurrency fails to set a new higher high over 2019 peak | Source: BTCUSD on TradingView.com

A high timeframe higher high has yet to be set, on the BTCUSD trading pair, with the 2019 top acting as the resistance to beat before a new all-time high can be set. However, priced in other fiat currencies and not the dollar, Bitcoin not only put in the higher high, but a new all-time high was set.

Bitcoin Breaks All-Time High Against Brazilian Real, Turkish Lira

BTCUSD still has more to go to set a higher high over the 2019 peak, but in Brazilian real or Turkish Lira, the leading cryptocurrency by market cap just set a new all-time high.

bitcoin btcbrl btctry

The leading cryptocurrency by market cap sets a new all-time high in various global currencies | Source: BTCBRL & BTCTRY on TradingView.com

A new record in price could cause a massive wave of FOMO in these countries as investors scramble to take advantage of the trend before Bitcoin gets even more expensive in these countries.

These aren’t the only fiat currencies the cryptocurrency set a new peak in, and more are to follow the higher Bitcoin climbs.

RELATED READING | GOOGLE FINANCE NOW LISTS BITCOIN FIRST AHEAD OF TOP FOREX CURRENCIES

Recently, Google Finance moved Bitcoin to the front of the line in its list of forex currencies. Could this be a sign of what’s to come, where Bitcoin becomes the most important currency in the world?

Featured image from Deposit Photos, Charts from TradingView.com



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CME overtakes OKEx as largest Bitcoin futures market

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CME Group has become the world’s largest Bitcoin (BTC) futures market following a surge in open interest over the past month, industry data shows. 

In a Friday tweet, Arcane Research announced that CME had overtaken OKEx as the world’s largest Bitcoin futures market. Citing data from Skew, a market intelligence firm, Arcane said open interest in CME’s Bitcoin futures contract has reached $1.16 billion. OKEx, meanwhile, registered $1.07 billion.

“Institutional investors are here,” Arcane said.

CME’s Bitcoin futures market has more than doubled over the past month, with more traders seeking exposure to the flagship cryptocurrency as it surged to near all-time highs. Future trading can sometimes invoke heavy volatility, especially as expiry nears, as contract holders adjust their positions before that date.

Its November futures contract, BTCX20, expires on Friday.

Cryptocurrency exchanges Binance and Huobi have also emerged as major futures players. Based on open interest, they are the third and fourth largest BTC futures platforms, respectively.

Bybit, which also appeared on Arcane’s list, announced earlier this week that it will soon launch a quarterly Bitcoin futures contract.

The futures market is an important bellwether for Bitcoin adoption because it means traditional investors are getting into the mix. Whereas the 2017 bull market was driven largely by retail traders, the current uptrend has been fueled by deeper institutional pockets.

CME, in particular, is becoming vital to Bitcoin price discovery, according to investment manager Wilshire Phoenix.

CME’s significance is “not only demonstrated through trading volume and open interest,” Wilshire said, “but also by influence on spot price formation.

The Bitcoin price is currently consolidating in the $16,500 range following a heavy Thanksgiving day selloff.