Bitcoin The world’s first and largest crypto by market cap, Bitcoin is considered the first wide-scale implementation of blockchain technology. The Bitcoin blockchain was designed to enable quick and secure transactions, while maintaining its users’ anonymity, by . 2 days ago · As bitcoin busts out new records, these market watchers see $, and even $, on the horizon Dec. 17, at a.m. ET by Barbara Kollmeyer OpinionPrice: $23, Bitcoin price today is $22, USD with a hour trading volume of $54,,, USD. Bitcoin is up % in the last 24 hours. The current CoinMarketCap ranking is #1, with a market cap of $,,, USD. It has a circulating supply of 18,, BTC coins and a max. supply of 21,, BTC coins.
Bitcoin market tradingCrypto Market Report: Bitcoin Trades Flat Causing Options to Drop But Altcoins Keep Shining
Bitcoin may be trading flat, but there is still some action to be had in the altcoin space as the likes of both XRP and Ethereum are showing weekly gains of over five percent. That being said, Bitcoin is also up this week, but it is a mere 1. This first week of July has been especially kind to mid-capped altcoins as they have seen the biggest gains compared to small cap, large cap, and Bitcoin. This again ties into the low volatility from Bitcoin which was last at this level in April , just before a steep climb took place.
Bitcoin finds itself in a strange place as looking at the technical analysis it is actually hard to tell if the current level is a resistance of a support. These past few weeks that have seen historically low volatility and little to no price action from the usually very volatile Bitcoin have many people wondering when the next big move will come — and in which direction this move will go. The ending weeks in June and the first week of July ended and started at the same place, but there has at last been a bit of a break away in the last day or two with the price of Bitcoin starting to show some life in an upward climb.
The upward swing looks to be correlated with the stock market as it rose and the NASDAQ made it to a new all time high. If this movement has broken the chains, so to speak, for Bitcoin, then there could be some action in the next few days.
Another factor to consider is that the altcoins have also had a good start to the week and started climbing at the same time — but at a much better rate. There are some altcoins that have had a really good start to the week, such as VeChain, Kyber Network which is the one token taking advantage in a surge in DefI and Cardano which is booming off the back of a major summit at the moment.
VeChain is up as much as 75 percent over the week, and this also equates to percent gain in the last month as well. That being said, some altcoins have been right down as Compound has fallen 17 percent. This strong altcoin performance and the specific gains form some of the coins mentioned above are showing that the mid capped coins are on a good footing at the start of July.
This comes off of June which was a good month for small cap coins. Mid cap coins are up 13 percent with the only competitor coming from the large cap coins that have risen 4 percent since the start of the month. Altcoins keep pushing against Bitcoin, especially in this current flat market, and it is also showing in the Bitcoin dominance as that is down nearly a percent as well.
At the same time, the dominance of the other large cap coins is virtually unchanged. This shows that the growth of the Mid Caps is driven by investors reallocating from Bitcoin. This volatility level is now at the same as was last seen in April , but this level was also when the volatility was spiking up from the lowest it had been in the previous 18 months. So, while this low volatility is something to keep an eye on for it could lead to a big move soon, there has also been other factors worth looking at as this has been a historically uneventful month for Bitcoin.
February at least did have the second widest monthly high-low spread recorded in the last 2. Whereas June printed the tightest high-low spread seen since October , and the second tightest high-low spread recorded in the last 2.
However, all these uneventful events still have a feeling of something building and a big price action ready to come. Options trading is a lot like trading individual stocks.
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