After a day’s rest below the psychologically important USD 10,000 mark, the most popular crypto currency, Bitcoin (BTC) is back in the five-digit range after a recovery of 4% in two hours. Almost all of the top 100 coins by market capitalization turned green.
Yesterday evening, BTC traded at around USD 10,255, which is the same level as in September 2019. The price rose 4% in one day and 11% in one week, bringing monthly gains to 26%.
Other large coins such as Ethereum (ETH), EOS, Tezos (XTZ) outperformed the BTC with a 5%-11% increase.
When BTC passed the $10,000 mark for the first time this year on Sunday, analysts Tezos predicted that the number one digital asset could see even bigger gains. However, today the BTC has dropped below $9,800.
At the time, Willy Woo, a popular Bitcoin analyst, said that the breakthrough we have seen in Bitcoin is “the only true thing” because “the fundamental investment behind it”.
Meanwhile, dozens of Altcoins in the top 100 are now in green against BTC.
As reported yesterday, we are facing a “healthier distribution” of the market as a result of a possible decline in BTC dominance and an Altcoin bull run, according to data from Token and the rating agency TokenInsight.
In similar news, Chicago Mercantile Exchange (CME Group), a major marketplace for financial derivatives, said that January 2020 was the second-best month for Bitcoin futures since their introduction in 2017, with an average of 10,800 contracts, 69% more than the average daily volume in 2019. New options on Bitcoin futures are also gaining momentum, they said. Since their introduction, 466 options contracts (2,300 Bitcoin equivalents) have been traded – almost 40% as blocks, showing signs of institutional interest, CME said. A record monthly average of 56 major open interest holders (companies with more than 25 contracts) has also been registered.