CME Group Announces a New $1.7 Billion Record for Bitcoin Futures Notional Value
The Bitcoin futures market is doing remarkably well according to an announcement by the Chicago Mercantile Exchange (CME) Group.
The group recently took to Twitter to announce records set by Bitcoin futures in the form of standardized contracts which enforce an agreement between two parties expected to buy or sell Bitcoin at a date stipulated in the contract, after it is signed. According to the tweet:
“CME Bitcoin futures reached a record $1.7 billion in notional value traded on June 26, surpassing the previous record by more than 30%. The surge in volume also set a new open interest record of 6,069 contracts as institutional interest continues to build.”
CME Bitcoin futures reached a record $1.7B in notional value traded on June 26, surpassing the previous record by more than 30%. The surge in volume also set a new open interest record of 6,069 contracts as institutional interest continues to build. $BTC https://t.co/WqXSPX0raR pic.twitter.com/HjGKb9a0ah
— CMEGroup (@CMEGroup) June 28, 2019
Bitcoin Futures Wins
This announcement continues a Bitcoin Futures streak of impressive and notable activity. On the 21st of June, it was announced that the CME Bitcoin futures successfully broke $10,000 according to information from major trading analytics service, TradingView.
On the 20th, just a day before that, the CME Group took to Twitter to announce that open interest in Bitcoin futures has also risen and set another record. The post had it that the open futures contracts hit a high of 5,311 which was summed up to 26,555 BTC. At the time of the announcement, it was worth around $246 million making it almost $272 million at this time.
The CME Group has also said that BTC futures are slowly increasing significantly in popularity, especially among institutional investors.
At the moment, Bitcoin is valued at $10,218 with a market cap of $181.81 billion and a $30.14 billion volume. This is quite distant from the $13,800 mark it hit just a few days ago.
Can These Bitcoin Wins Halt the Altcoin Season
There are many who believe that the altcoin season is around the corner but not Max Keiser. The popular broadcaster and Bitcoin enthusiast has said that altcoins would most likely not rally because “all that cash is going to flow into bitcoin.” Keiser also said that:
“the altcoin phenomenon is finished.”
Another person who shares a similar opinion is a veteran trader, Peter Brandt. According to Brandt who is popular for his predictions, Bitcoin will still grow and most likely leave the altcoins behind. Brandt said:
“Cryptomaniacs expect alts to do so again – they may be very disappointed.”
Likening his prediction to the dotcom bang many years ago, Brandt said:
“Following 2001-02 tech collapse, dotcoms with real value exploded [and] the ‘alt’ dotcoms went bankrupt.”
Brandt’s predictions carry a little weight especially since he famously predicted the 2018 bear market before it happened. It might also be important to note that Bitcoin has maintained its dominance in the market for quite a while now and at this time, data from CoinMarketCap shows the number one coin at 60.6% dominance.