The price of Bitcoin (BTC) surpassed $16,000 with relative ease on Nov. 13 and has remained resilient above it. Analysts are divided on the short-term outlook on BTC because the momentum remains strong but there are concerns of an overheated rally. But there are numerous positive developments that could continue to sustain the uptrend of BTC.
Generally, the cryptocurrency market has seen an increase in trading activity across all types of exchanges. Spot, derivatives, and institutional markets have all seen a noticeable spike in demand from investors. Speaking to Cointelegraph, Denis Vinokourov, head of research at crypto exchange and broker Bequant, said the overall uptick in trading volume is positive:
“Looking at the traded volume on retail-focused crypto venues shows there has been a significant pick up in interest among these market participants. At the same time, though, the volumes and the open interest (OI) across the more regulated venues and, in particular the CME, has also been