Bitcoin Futures contracts for September trading on native cryptocurrency trading platform have crossed the $10,000 mark, at a time in which institutional interest seems to be reaching a new all-time high, according to available data.
According to data from cryptocurrency analytics provider Skew, the cryptocurrency derivatives markets are “gearing up towards another big weekend as bitcoin approaches $10k.” This, as most September futures on native cryptocurrency trading platforms have crossed the $10,000 mark.
CryptoCompare data shows the flagship cryptocurrency is currently trading at little over $9,800 after rising 4.45% in the last 24-hour period. Bitcoin has seen its price rise by about 24.6% in the last 30 days, and so far this year it’s up more than 140%.
The cryptocurrency saw its price hit a new all-time high close to $20,000 in December of 2017, but its price dropped throughout 2018 in a bear market that saw most cryptocurrencies lose about 85% of their value. Bitcoin itself dropped to a $3,200 low in December before recovering.
Data from Skew further shows that open interest for BiitMEX’s bitcoin perpetual swap contract, the most liquid bitcoin derivatives product in the world, has also been going up.
Bitmex XBTUSD open interest keeps grinding higher ~ $850mln pic.twitter.com/2Qzvpx3S5u— skew (@skew_markets) June 21, 2019
Data from the Chicago Mercantile Exchange (CME) also shows there are signs of growing institutional interest in the cryptocurrency space, as open interest in the platform’s contracts since launch has recently hit an all-time high.
CME Bitcoin futures (BTC) shows growing signs of institutional interest. BTC open interest rose by a record 643 contracts in a single day, establishing a new all-time high of 5,311 contracts on June 17 (26,555 equivalent bitcoin; ~$250M notional). https://t.co/I6A3jD6Iq3 pic.twitter.com/ljz6EbvK79— CMEGroup (@CMEGroup) June 18, 2019
As CryptoGlobe recently covered bitcoin surpassing the $10,000 mark is seen by some analysts as a very bullish sign, with Tyler Winklevoss, one of the co-founders of the popular Gemini cryptocurrency exchange, recently stating that if “bitcoin breaks 10k, you can bet it’s going to break 15k.”
Back in 2017, after BTC surpassed the $10,000 psychological resistance, it needed little over a week to reach $15,000, and little over a week to go from there to its all-time high, before its price direction turned south.
There are several factors believed to be behind this year’s bitcoin price rally, one of them being its halving event next year, which will see block rewards on the BTC network drop from 12.5 BTC to 6.25 BTC. Other factors include BTC’s hashrate hitting a new all-time high, Bakkt testing bitcoin futures contracts trading, and rising tensions between the U.S. and Iran.