A Big Week Ahead for Bitcoin While Market Sentiment Shits to Altcoins
- BTC long/short ratio on OKEx goes back to the recent highs
- Ex-bitcoin total market cap reaches the highest level in more than two weeks
- Bakkt coming with its physically delivered daily and monthly bitcoin futures
The last week was dull and boring.
Bitcoin price didn’t move above $10,460 and below $9,950 since hitting them in the middle of last week. Moving into the weekend, this range has only gone tighter.
But today, Bitcoin took a drop and went to $10,080 level on Bitstamp.
Currently, Bitcoin is trading at $10,200 with 24 hours loss of 0.95%, as per Coincodex. Trading volume, however, is extremely low on ten exchange with real volume at $430 million.
BTC long/short ratio on OKEx, meanwhile, has gone back to the recent highs of 1.62 that suggests the current condition is
“more favorable for short traders.”
With the BTC price action not looking exciting and altcoins like Ethereum inching closer to the key 200 marks and EOS trading above $4.01 level, OKEx believes the “market sentiment has been shifting from bitcoin to altcoin, as the ex-bitcoin total market cap has reached over 81 billion, that’s the highest in more than two weeks,” the exchange shared in its latest report.
A Big Week Ahead?
Next Monday, on Sept. 23, Bakkt will be launching its physically delivered daily and monthly bitcoin futures.
By physical bitcoin futures, it means traders and investors will be able to sell only as much bitcoin that they actually have. Current bitcoin futures, on the contrary, allow more coins to be traded, which some believe can lead to market manipulation and traders to bet against the market.
The much anticipated digital asset platform backed by Microsoft and Starbucks suffered numerous setbacks on its journey to launch, was initially planned to open in 2018 but was delayed due to regulatory and other issues.
In addition to scoring investment from Susquehanna International, Eagle Seven, Fortress Investment, Bakkt has also partnered with global bank and consulting group BNY Mellon.
Apart from Bitcoin futures, Bakkt is eyeing exchange-traded funds (ETF), pension funds, and Bitcoin mutual funds.
On Sept. 6, Bakkt Warehouse went live and started accepting customer deposits and withdrawals. However, it had a negative effect on the price as BTC dropped over 6%.
Custody at the Bakkt Warehouse is live
BNY Mellon helps safeguard private key material by providing geographically-distributed storage of customer assets for the Bakkt Warehouse
— Bakkt (@Bakkt) September 9, 2019
It is to be expected that next week could see good volatility, but it is to be seen in which direction will BTC price move.
In the long term, the parabolic cycle of Bitcoin is intact with Bobby Lee expecting Bitcoin to exceed $20,000 and go to $50,000, $100,000, even $200,000 in “a very short amount of time,” while Tim Draper says $250,000 by 2022 is a conservative prediction.