- $8,200+ is the next target while near $6,400 is the high interest area
- BTC dominance the highest since Dec, 2017
- Bitcoin futures contracts traded on CME reached an all-time record high
May is proving to be the best month since the last bull market in 2017 as after smashing through $5k, $6k and then $7k, BTC has surpassed $8k as well. At the time of writing, BTC/USD has been trading at $8,229 with 24-hours gains of more than 14 percent.
The last time, we have been at this level was in late July. If BTC continues to surge to the $8,550 level, we will be at the highest point in a year.
This surge has pushed the BTC dominance level to nearly 60 percent that is the highest since December 2017 when the leading cryptocurrency reached ATH at $20,000.
Bitcoin dominance is at 60%.
It is currently highest it has been since December 2017. pic.twitter.com/Qno81lwWV2
— Misir Mahmudov (@misir_mahmudov) May 13, 2019
The FOMO is Real
It’s been the last few days since Bitcoin went on a rampage. This has the experts’ correction target going up and up. Previous to this rally, it has been expected that BTC could drop back to below $3k then low $4ks which was further lifted to $5k and now per experts it is unlikely we will get to see $5,500.
This is complete insanity at this point, but it is what it is.
The parabola is about to bend backwards and break space and time.
— Moon Overlord (@MoonOverlord) May 13, 2019
“BTC – The FOMO is real. Bitcoin is currently on a tear & the next target of serious interest is $8200+. High interest remains near $6400 if BTC decides to cool off & pullback,” says crypto trader and investor Josh Rager.
And lest we forget, what goes up, must come down
— Jonny Moe (@JonnyMoeTrades) May 13, 2019
However, even there would be a correction, we are not going to crash rather settle on a higher level as Rager says:
“My dream area to buy would be $5500 to $5700 but there's no promise BTC will hit that low again.”
The parabola is flinging backward now. pic.twitter.com/Z1x8VFoN2n
— Ledger Status (@ledgerstatus) May 13, 2019
With $10k looking a possibility that could be hit in the coming days, if BTC maintains its uptrend, have the community fearing that they are going to miss out.
But as crypto trader Cold Blooded Shiller shares in a Twitter thread, Crypto Twitter makes people feel like you are getting left behind and panic that bull runs are leaving you behind but the point is to:
“Step away, set alerts, be patient, invest sensibly.”
If $BTC is moving into a full bull market please do yourself a favour with the following things:
1. Do not panic that you're going to miss out.
2. Turn on the 50/100 EMAs.
3. Use the Daily to indicate buying or adding positions.
Let's take a look why.
— Cold Blooded Shiller (@ColdBloodShill) May 13, 2019
CME Bitcoin Futures Reached an All-Time Record High
Yesterday, we reported Bitcoin futures traded volume on CME surging in tandem with Bitcoin price. Now, it has reported by CME Group, the total Bitcoin futures contracts traded reached 33.7K amounting to 168K equivalent bitcoin (CME’s 1 BTC futures contract involves 5 BTC).
The notional value as we reported has surpassed $1 billion. The record made on May 13 has been about twice of the last record of 22.5K contracts on April 4. Most importantly, this has zero fake volume.
CME Bitcoin futures reached an all-time record high of 33.7K contracts on May 13 (168K equivalent bitcoin), up nearly 50% from the last record of 22.5K contracts on April 4. See how market participants are using $BTC to manage uncertainty: https://t.co/hDgraMj5pe pic.twitter.com/ct1xkjoJDF
— CMEGroup (@CMEGroup) May 13, 2019
The massive activity seen from the institutions’ side could be one of the prominent driving factors behind BTC price.
Another factor could be the Consensus 2019, about which Ken Xuan from Fundstrat says on the first day of the event, BTC broke $8,000 level. This according to him could be yet another reason that crypto winter is over.
1/ Latest @fundstrat benchmark crypto indices out (free download https://t.co/H8T7JDRsk2 ). Overall market up 14.8% last week. Best to worst:
FS 10 +16
FS 300 +14.9
FS Agg +14.8
FS 40 +4.3
Eq Wt +4
FS 250 +0.2
Exchange -6.6% pic.twitter.com/uIwlPh7jpf
— Ken Xuan (@fundstrat_ken) May 13, 2019
bitcoin price paragraph =
Bitcoin’s price is $6,178.71 BTC/USD exchange rate today. The real-time BTC market cap of $113.03 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $5.37 Billion and live coin value change of BTC -2.21 in the last 24 hours.
live bitcoin price widget =