Qume Market Mondays-21st December 2020
Welcome to another edition of Qume Market Mondays
Following the prediction in our last edition Bitcoin crossed the $20k mark early last week and has been increasing for most of the week. Its highest registered price in the futures market was $24,350 on the weekend, a 25% increase since our last edition. The price dropped a thousand dollars on early Monday and the assets is currently valued $23,356 per Bitcoin.
This rally was also backed by a fall in Bitcoin top 100 to total ratio indicating a relatively stable bullish behavior as it signals towards lower accumulation by whales and greater value distribution among the market participants.]
Trading volumes in the futures markets spiked on weekend in futures market giving a strong momentum to the bull run.
Bitcoin options open interest hit a record aggregated open interest on last Thursday registering more than $6B in a day.
Trading in bitcoin options also pulled upwards late in the week.
Bitcoin is at its all-time high but unfortunately the same can’t be said about Ether whose record price stands at $1,400 in Dec, 2017. It hasn’t even recovered to half that price.
The market signals remain bullish with solid trading volumes and a healthy distribution of wealth among the bitcoin owners. We expect bitcoin to be in the $20k+ range for the week. Bitcoin volatility is at its highest in many years.