Asian currencies have reached their lowest levels in over 19 months as the U.S. dollar strengthens, driven by expectations of prolonged elevated U.S. interest rates. The Bloomberg Asia Dollar Index fell by 0.1% on Thursday, marking its lowest point since November 2022. Significant declines in the Philippine peso, Indian rupee, and South Korean won are […]
Bitcoin News
Bitcoin Surpasses $39K, Achieving 19-Month Peak in Saturday’s Crypto Market Surge
On Saturday, December 2, 2023, the cryptocurrency market exhibited a positive trajectory, advancing by 1.91% to reach a total value of .48 trillion. Notably, bitcoin achieved a peak of ,705 within the day, marking its highest value since late April 2022.
Crypto Economy Climbs Nearly 2% on Saturday, Hits .48 Trillion Valuation
The overall cryptocurrency market experienced a surge this Saturday, with an approximate 2% increase over the past day. Bitcoin (BTC) saw a 1.59% rise against the U.S. dollar, while ethereum (ETH) climbed 3.58% in the same 24-hour span. Additionally, solana (SOL) witnessed a 7% uptick, and dogecoin (DOGE) escalated by 9.11% against the dollar.
BTC soared to a peak of ,705, while ethereum (ETH) escalated to ,195 per token. SOL advanced to .31 on Saturday, and DOGE ascended to .08612 per coin. Concurrently, BLUR, RUNE, TIA, IOTA, and ORDI experienced substantial growth, soaring between 11.3% and 54.9%, securing significant double-digit gains over the weekend. Additionally, PYTH, THETA, XRD, and WEMIX also reported noteworthy increases.
Nevertheless, the 24-hour global trading volume on Saturday stood at approximately .94 billion, marking a 7% decrease from Friday’s figures. Tether dominated with a global trade volume of .42 billion, while BTC’s trade volume reached .52 billion. Current statistics indicate that BTC’s market dominance hovers around 52% this weekend, with ETH’s dominance at 17.5%.
The crypto fear and greed index (CFGI) on Saturday registered a score of 74, symbolizing a state of “greed.” This sentiment has been consistent since yesterday and throughout the past week. Following BTC’s surge to ,705, a significant portion of the day’s liquidations occurred in the past four hours, totaling million out of 1 million in liquidated shorts. In the last 24 hours, as of this writing, a total of 2.48 million in both long and short positions have been eradicated.
What are your thoughts on the latest crypto economy surge? Let us know what you think in the comments section below.
Bitcoin Open Interest Tops 19-Month High: Historical Data Shows What To Expect
The Bitcoin open interest can often be an indication of where the BTC price might be headed next depending on whether or not the metric is rising or falling. This time around, the Bitcoin open interest has risen drastically, hitting 19-month highs in the process. Using historical data, it is possible to extrapolate what this means for the crypto’s price, especially as investors remain very bullish.
Bitcoin Open Interest Surges To .04 Billion
In an interesting turn of events, the Bitcoin open interest has been rising quickly across various exchanges. In the last 24 hours alone, this metric rose by a cumulative 7.89% across all exchanges in the space, bringing the total open interest to 454,150 BTC worth a staggering .04 billion.
For now, most of the Bitcoin open interest is concentrated across the CME, Binance, and ByBit exchanges. But perhaps what is even more interesting is that these open interest levels represent a 19-month high.
According to the data presented on the CoinGlass website, the last time that the Bitcoin open interest moved in this fashion and to this high was back in March 2022, before the historical Terra LUNA crash that sent the market into a prolonged bear market stretch.
This means that the last time that the Bitcoin open interest rose this much was during a time when investors were still very much in the throes of bull run euphoria. As such, the historical performance of the BTC price back then in relation to the open interest could serve as a guide to what might happen to the digital asset’s price next.
Historical Data Says BTC Price Will Surge
Similar to the current trend, the Bitcoin open interest had surged from around 38,000 BTC to over 44,000 BTC in the space of a month, and the BTC price followed quickly. This trend saw the price rise in March 2022 from ,700 to over ,000 before the month was over.
Going by this historical performance and assuming Bitcoin sticks to this trend, the rally may be far from over. The BTC price is also sitting at a similar price point at ,500 and a similar surge could bring its price toward ,000 before the month is over.
However, there is also the possibility that the open interest could peak at this level and begin to decline. Once this happens, then in the same fashion as in April 2022, the BTC price could begin to decline as the open interest drops. A similar crash would send the price back down toward ,000.