Price analysis 11/13: BTC, ETH, XRP, LINK, BCH, LTC, BNB, DOT, ADA, BSV

Price analysis 11/13: BTC, ETH, XRP, LINK, BCH, LTC, BNB, DOT, ADA, BSV


Data shows that Bitcoin’s (BTC) current rally is supported by greater participation from retail and institutional investors. The CME Bitcoin futures open interest has moved closer to the previous all-time high, a sign that institutional investors are becoming more interested in cryptocurrencies. Similarly, Bitcoin’s spot volume has hit a new 52-week high, according to data from Arcane research

However, during strong uptrends, traders tend to get greedy and take on excessive leverage. Hence, large open interest on derivatives could act as a double-edged sword because even a small decline in Bitcoin could force the highly leveraged traders to close their positions. Such a move could have a cascading effect that could lead to long liquidation.

Daily cryptocurrency market performance. Source: Coin360

Trending: Hot Mic Catches Trump’s Powerful 7-Word Message to Brother of Fallen Cop

While traders should be cautious, there is no need to panic as yet because the current up-move in Bitcoin has happened without any euphoria or frenzy, especially among retail traders.

Moreover, several analysts have been skeptical of the

Continue reading

You Might Like

Do NOT follow this link or you will be banned from the site!
Send this to a friend