The increase coincides with high numbers of futures contracts traded in Bakkt. The rest of the cryptocurrencies accompanied Bitcoin’s increase.
On Friday, October 25th, Bitcoin’s price had a rebound of more than 15%, compared to the previous day. In a matter of hours, the value of the cryptocurrency with the highest market capitalization went from being slightly below USD 7,500 to exceeding USD 8,680 at the time of writing this article.
According to data from CoinMarketCap, Bitcoin opened the day with a price of USD 7,499. Then, it rose in the first instance to the band of USD 7,600 and shortly after it exceeded USD 7,700.
The most representative increase occurred in the middle of the day when the price jumped to exceed USD 8,500 in a span of just two hours. The total increase in 24 hours was 15%. Despite this high increase that took place in such a short period of time, it was still not a drastic move like some analysts had predicted some days before.
One of the events that could notably influence Bitcoin’s price is the fact that Bakkt’s Bitcoin futures achieved a new record. The contracts traded on October 25th exceeded the volume of 1,000 BTC on the platform for the first time. This is reflected in data from Bakkt Volume Bot, a Twitter account that monitors the trades on that platform.
However, in the previous days the futures trades in Bakkt had already presented an increase without this being reflected in Bitcoin’s price. Actually, the value of the cryptocurrency had even fallen to USD 7,300, after keeping around USD 8,000. Meanwhile, Bakkt set records above 450 BTC.
Cryptocurrency Market in Green
The increase in Bitcoin’s price boosted other major cryptocurrencies in the market, with Bitcoin Cash (BCH) and Bitcoin SV (BSV) as the ones that increased the most. Both had gains in value greater than 15% in a span of 24 hours.
Other prominent cryptocurrencies that day was Ether (ETH), Litecoin (LTC) and EOS, all with increases above 10% within 24 hours.
Among the first cryptocurrencies according to their market capitalization, they all kept numbers in green on Friday, October 25th. Only some stablecoins managed to show slight losses, without affecting their respective fiat currency anchors. This last variation probably corresponds to the fast increase of the rest of the cryptocurrencies in the market.
Great movements in Sight
In recent days, market analysts have considered that Bitcoin’s price will have a significant variation in the short term. Several experts have outlined a panorama according to which this movement is imminent. However, there is an agreement on the uncertainty about the path that these price variations will take.
Tone Vays’ predictions indicate a fall that would bring Bitcoin’s price to a level close to USD 7,000. He argues that he is not yet convinced of the impact of the recent increases, which have occurred while the open interest in Bitcoin futures has grown on platforms such as CME, which represents a second air in the futures market.
By Willmen Blanco