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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Bitcoin Open Interest Hits Record $19.8 Billion—Is The $100K Rally About to Begin?

Samuel Edyme
Samuel Edyme
10 months ago
3 mins read
Bitcoin Open Interest Hits Record $19.8 Billion—Is The $100K Rally About to Begin?

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The Bitcoin price is rising, reaching as high as $66,173 today; the asset appears to have hit a milestone behind the scenes.

According to a CryptoQuant analyst, EgyHash, Bitcoin’s open interest—a measure of the total number of outstanding derivative contracts—has reached a new all-time high.

This development signals heightened activity in the Bitcoin market and suggests strong sentiment among traders.

Related Reading

Bitcoin Reclaims $62k: Analysts Explain Why The Bull Cycle is Far From Over

Bitcoin Reclaims $62k: Analysts Explain Why The Bull Cycle Is Far From Over

11 months ago

Detailing The Open Interest ATH

In a post on the CryptoQuant QuickTake platform, EgyHash detailed the significance of this new peak in Bitcoin’s open interest.

The analyst noted, “Bitcoin’s open interest has reached a new all-time high of $19.8 billion. Additionally, funding rates have hit their highest positive levels since August, indicating that much of this open interest is skewed toward long positions.”

Bitcoin Open Interest.
Bitcoin Open Interest. | Source: CryptoQuant

Notably, the rise in open interest and increasing funding rates point to a bullish outlook among traders, signaling their confidence in Bitcoin’s continued upward movement.

EgyHash further emphasized that this trend in the derivatives market reflects a growing influx of liquidity and increased attention in cryptocurrency.

While Bitcoin’s open interest has been climbing, the asset’s price has also seen significant upward movement. Over the past 24 hours, Bitcoin’s value increased by 5.1%, trading at $65,655, following a brief rally to over $66,000.

Bitcoin (BTC) price chart on TradingView
BTC price is moving upwards on the 2-hour chart. Source: BTC/USDT on TradingView.com

This price increase has been accompanied by a notable rise in Bitcoin’s overall market capitalization, which currently stands at $1.297 trillion, up from $1.175 trillion just last week.

Bitcoin’s trading volume has also surged, doubling from below $20 billion over the weekend to over $40 billion today.

Bitcoin Price Outlook

The rising market activity and price gains have led several crypto analysts to weigh in on Bitcoin’s future trajectory. One prominent analyst, Trader Tardigrade, shared his bullish outlook, revealing that there has been a breakout in Bitcoin Stochastic.

Related Reading

Bitcoin Next Move? Veteran Trader Predicts Possible 75% Crash—Here’s Why

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11 months ago

According to Tardigrade, this breakout has the same pattern as the previous cycle. The analyst added: “The breakout point indicates the local bottom at the root of a MASSIVE Parabolic RALLY. Send $BTC to $500k.”

$Bitcoin Stochastic BREAKOUT 🔥$BTC has the same pattern as the previous cycle. The breakout point indicates the local bottom at the root of MASSIVE Parabolic RALLY.
Send $BTC to $500k 🚀 pic.twitter.com/LoJwlg2Fko

— Trader Tardigrade (@TATrader_Alan) October 14, 2024

Despite the optimistic outlook from several traders, other analysts are urging caution. RektCaptal, another well-known figure in the crypto space, suggested that Bitcoin needs to secure a weekly close above its current downtrend channel to confirm a sustained breakout.

Image
Bitcoin price is about to break out of the downtrend Channel. | Source: RektCapital on X

He noted, “Bitcoin needs to Weekly Close above the black Downtrending Channel Top to finally break out from this Channel.”

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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