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Saturday, December 3, 2022

Rally foretaste: Bitcoin and Ethereum at all-time high

A record high season has dawned on the crypto market. Not only Bitcoin is rising to a new peak.

The Coinbase -Listing in view, the crypto-market run in yesterday’s trading history ado hot. Around $ 200 billion has flowed into the market in the last 24 hours alone. Record: At over $ 2.3 trillion, total market capitalization is at a new all-time high. Not to blame for this is the largest cryptocurrency, which has also set a new record. At the time of going to press , the Bitcoin price climbed to $ 64,641 with a weekly plus of 10 percent.

But Bitcoin isn’t the only cryptocurrency that has made a new high. A total of five of the ten largest cryptocurrencies were able to set a new record. Bitcoin is also joined by the second largest crypto asset. Ethereum (ETH) advanced 8.9 percent for the day to $ 2,392. Cardano (ADA) has also set a top value at 1.53 US dollars. Uniswap caught up to $ 37.90, while Dogecoin (DOGE) made it to 10th place with $ 0.13. However, the rank is currently hotly contested. The market capitalizations of Dogecoin, Stellar (XLM), Chainlink (LINK) and Bitcoin Cash (BCH) are only $ 500 million apart.

Accordingly, the color of hope dominates the overall market visualization of Coin360 . The upward trend has hardly left a coin.

Bitcoin futures are buzzing

Derivatives trading has also reached new heights. At $ 27.4 billion, the open interest of Bitcoin futures has set a new record, with Binance accounting for the lion’s share of $ 5.2 billion. The open interest includes all outstanding Bitcoin futures contracts.

What Bitcoin can do, Ethereum can do too. The open interest of the Ethereum Futures has also set a record high at 8.3 billion US dollars. Binance is also ahead of the competition when it comes to ether futures trading. The increasing open interest is evidence of brisk trading activity on the market and speaks for a high demand for the underlying Bitcoin and Ethereum shown.

Stock market stocks on sale

Meanwhile, the trend of falling stock market reserves continues. Both Bitcoin and Ethereum holdings have hit new lows. Bitcoin’s exchange reserves have shrunk by 18 percent to currently 2.3 million units in just one year. With Ethereum, the sell-off is even more drastic. The stocks have fallen by 22 percent to 14.3 million ethers.

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Adding the indicators together gives a bullish outlook for the coming months. Increasing trading activities on the futures market, coupled with a constant shortage of the remaining amount in circulation, should cause one or the other record high for Bitcoin and Ethereum.


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