Bitcoin Hits New Yearly High After Rallying 4%, Altcoins Turn Green
After resting for one day below the psychologically important level of USD 10,000, the most popular cryptocurrency, bitcoin (BTC) is back to the five-digit zone after rallying 4% in two hours. Almost all top 100 coins by market capitalization turned green.
At pixel time (17:48 UTC), BTC trades at c. USD 10,255, or the level last seen in September 2019. The price is up 4% in a day and 11% in a week, increasing monthly gains to 26%.
BTC price chart:
When BTC surpassed USD 10,000 for the first time this year on Sunday, analysts predicted that even larger gains may lie ahead for the number one digital asset. However, today, BTC dropped below USD 9,800.
Back then, Willy Woo, a popular bitcoin analyst, said the breakout we have witnessed in bitcoin is “the real deal,” given that “fundamental investment activity is backing” it.
Meanwhile, dozens of altcoins from the top 100 are in green against BTC today.
As reported today, a “healthier distribution” of the market is upon us, as a result of an eventual decline in BTC dominance and an altcoin bull run, according to token data and rating agency TokenInsight.
In related news, Chicago Mercantile Exchange (CME Group), a major financial derivatives marketplace, said today that January 2020 was Bitcoin futures’ second-best month since their 2017 launch, averaging 10,800 contracts, 69% greater than the average daily volume in 2019. Also, according to them, new options on Bitcoin futures are also picking up pace. Since launch, 466 options contracts (2,300 equivalent bitcoin) have traded – nearly 40% as blocks, showing signs of institutional interest, CME said. It also registered a record monthly average of 56 large open interest holders (entities that hold 25+ contracts).