- Bulls continued to push the price action on Friday as Bitcoin is back above $37,000 and looking strong. The 24-hour trading volume in the crypto market has more than doubled over the past few days, increasing from $40.7 billion on Wednesday to a high of $97.9 billion in the early hours of Friday.
“The week also witnessed a much stronger altcoin rally, with Cardano up 25%, Solana up 14%, BNB up 9%, and Ethereum up 7%,” said Rachel Lin, CEO and co-founder of SynFutures. “The altcoin market has increased by over 10% in the last seven days. However, the Bitcoin dominance largely remains unchanged at around 53%.”
She said one reason the rally has been so strong is due to the low circulating supply of BTC in the market, as “90% of Bitcoins in circulation have stayed the same for over three months despite the rapid increase in price during the same period.” I've managed to build with bloomberg terminal options IV skew and money flow on bitcoin 👀 money flow rising the most since 2021 pic.twitter.com/5acAql0C8b
OI on the CME has been so strong that the exchange now ranks first among all crypto derivatives exchanges, surpassing Binance on Thursday to become the largest BTC futures market.
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