Bitcoin Blows Past $10K, BitMEX Sees Biggest Trading Session as the Market Gets Influx of New Investors
Bitcoin finally broke past $10k mark yesterday and the rise in prices also saw a flood of new investors in the crypto market in hopes of milking the impending bull run. Bitmex was among the biggest gainer as it registered its all-time-high trading volume on the exchange.
BitmMEX exchange was responsible for 10% of the total volume of Bitcoin traded and amounted over $8 billion. The latest price rally saw Bitcoin prices jump from $9,200 to $10,400 in a day.
Cryptocurrency world went through one of the longest crypto winters in 2018 resulting in a loss of more than 80 percent of the total market cap. Thus, 2019 brought in high hopes of another bull run which will be in accordance with 2017 rise. A lot has changed between the 2017 peak and the current proceedings in the crypto space, as over this period in between Bitcoin and cryptocurrencies, in general, has seen a wider acceptance with traditional players also jumping on the bandwagon.
The impending halvening of the block reward for Bitcoin in the first quarter of 2020 has surely played the role of catalyst along with the number of developments in the upcoming time. The rising Bitcoin prices have seen a significant surge in new investors who are jumping on the bandwagon in fear of missing out. This phenomenon is quite a popular trend in the crypto space and known by the abbreviation FOMO.
Stablecoins Circulation Rises, Suggesting Holders are Getting in Action
Apart from the surge of trading volumes and new investors in the crypto space, another phenomenon that is being observed is the inflow of stablecoins. A crypto analyst service provider ViewBase noted that with the surge in Bitcoin prices, there have been a
“large inflows of stablecoins into exchanges.”
The firm also provided statistical data which suggest within hours of Bitcoin breaching the $10k mark, a total of $25 million worth of US dollar backed stable coins like USDT, USDC, USDS, etc found its way onto the exchanges. This is a clear indication that major crypto holders have started to move their funds onto these exchanges in hopes of riding the current bull movement.
This is also interesting since stable coins have under the scrutiny off lately due to the recent Tether debacle followed by a lawsuit. Tether has started to circulate its all-time-high record of $3.8 billion worth of the stable coin in the market. But, it's trading price has fallen below the dollar mark and currently trading at $0.995. This is a clear indication that investors are dumping these stablecoins for other better options like BTC and altcoins.
Bitcoin was able to break past the $11k mark and traded its highest at $11,100 before stabilizing around $10,850 mark. Analysts suggest that the next big resistance for Bitcoin would be at around $11,464.