It seems like the long dormancy of the world’s no 1 digital asset bitcoin is about to end. According to the data provided by skew, the trading volume of Bitcoin Futures witnessed a triple digital growth on this Monday. The daily aggregative volume of futures has surged to 186% on most of the major exchanges. This surge was the highest recorded surge recorded since March 13.
As per the reports and data analytics, the institutional investment platform has seen the largest surge on Monday by hitting $133 million.
While on the other hand, the daily trading volume on the exchange rose to 570% breaking a yearly high, where the monthly averages stand at $23 million. In the same sense, the total open interest was the highest recorded since February making it to the $5 billion trend line.
Is Bitcoin still resisting to surpass the next Hurdle?
The bitcoin futures exchange Bakkt reported that they have set the record of trading. The news came as the price of the bitcoin surpasses from 9,300 to 11,300, the highest not seen since the Mid-August of 2019. They announced the news from their official twitter handle stating that:
Our Bakkt Bitcoin Futures reached a new record high of 11,509 contracts traded today – an increase of 85% from our last record-setting day,
🚨 Hot off the press 🚨
Our Bakkt Bitcoin Futures reached a new record high of 11,509 contracts traded today (each contract = 1 bitcoin) – an increase of 85% from our last record-setting day
— Bakkt (@Bakkt) July 27, 2020
The Chicago mercantile exchange also reports that their trading volume was topped form the average as the bitcoin surged from their range bound channel of bitcoin. It was also observed that Ethereum futures are once again awakening from its normal range as the major crypto exchange is going to dominate the crypto markets.
Although the Bakkt is relatively in no position to be in the list where the major futures exchange like Binance, OKEx stands. These exchanges take the most of the volume of every crypto they hold. The latest bitcoin price is the highest price to date that we can consider after breaking the long term resistance.
The new price of bitcoin ($11,400) has repositioned the bitcoin to the highest level since August 2019. The analysts are aggressively confident that the long term price jaw that bitcoin had hold is now broken and now the king of crypto is finally broke out of its shell to make a profitable impact.