Bitcoin Continues Bull Run and Gets Close to Breaking Its All-Time High

20. Nov 2020 Posted by WorldCoinIndex on Derivatives report

WorldCoinIndex Derivatives Report 2020 Week 47. During this week of this year, most of the popular cryptocurrencies have continued their rapid ascension, with bitcoin registering some of its highest growths yet. 

In the case of bitcoin, a price peak of $18,468 was reported this week, thus signaling a growth of approximately $2,000 since last week. A low of $15,766 was registered, but bitcoin has been growing since. Based on this market data, it is quite likely that bitcoin may end up reaching a new all-time high by the end of 2020. Its previous record of $20,000 was attained in late 2017. 

The total cryptocurrency market cap is currently reported at $500 billion. That’s about half a trillion, thereby showcasing the vast potential held by the digital currency market. 

At press time, ETH is trading at $504, XRP at $0.30, LTC at $81.89, EOS at $2.70, Uniswap at $3.92, and Chainlink at $13.99. The high-value Yearn.Finance (YFI) governance token is trading at $28,429. 

Weekly derivatives summary analysis

Here’s a quick preview of the main events that have occurred on the cryptocurrency derivatives market.

First off, the crypto derivatives aggregated volume has slightly increased from last week’s values to $46.27B today. With this in mind, the derivatives market is still far from reaching its previous trading volume record. 

 

Here’s a brief look at trading volumes by derivatives category:

  • The perpetuals trading volume has remained at $38B, a value that’s mostly unchanged

  • The futures trading volume has increased from $6.08B to $7.32B

  • The options trading volume has remained at a steady point of $507M. 

 

A quick look into the current open interest rates

At this point in time, the total aggregated open interest volume is situated at $12.22B, a value that’s slightly higher when considering the $10.37B volume recorded previously. 

From a category standpoint, perpetuals report an open interest of $5.76B, followed by $2.51B for futures, and $3.93B for options.

Relevant cryptocurrency derivatives news

  • OKEx crypto derivatives exchanges resumes withdrawals after a brief hiatus
  • The CME Group has reported a record-high open interest rate for bitcoin futures (over $1 billion), as a response to the increased demand from institutional investors
  • Analysis shows that bitcoin options enthusiasts are starting to hedge against BTC’s potential price correction