At the time of writing this substantial report, Bitcoin had surpassed the $69201.63 barrier on some exchanges. The curious thing about the case is that a creation of liquidity is noticed when the price of Bitcoin reaches new highs, a fact that causes the trading volume to be at high levels, with good volatility, but with false indications of trend continuation.
At the moment, most media outlets are reporting positive metrics for Bitcoin and other cryptocurrencies that have followed its trend pattern.
Within these metrics is the open interest that exceeded more than $34,123 billion dollars until the moment of trying to break the historical maximum price that was reached in 2021.
As a second metric, the funding rate stands out, which is approaching 1% of the nominal reference rate and indicated a high degree of positive interest on the part of investors and traders in wanting to open margin positions.
As a final curious fact, it should be noted that the spot volume continues without accompanying the volume of derivatives. This translates into the imminent appetite that traders have for derivative products such as futures and options; phenomenon that is causing many traders to stop using blockchains and causing the loss of interest in making transactions in altcoins to decrease.
The latter means that the majority of altcoins have not been able to follow the primary trend of Bitcoin and that is why we see greater price movement in the short term than in the medium and long term.
Last article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. Remember that all information presented here is a combination of third party data added to our personal opinion.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Rubikkav.
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