Bitcoin Reaches the Highest Price by Success of Spot ETF Option

BTC Reaches Record 'ATH' Price $9.3M at 4:15 AM On Nov. 20
IBIT Option Record $1.9 Billion Volume On First Day Of Nasdaq Trading
Experts Continue Optimistic Outlook Despite BTC Record Day-to-Day

Bitcoin(BTC) has again hit a new high thanks to the successful listing of the Bitcoin Spot Exchange Traded Fund(ETF) on the Nasdaq and its box office.

Bitcoin hit an all-time high of $93,970 at 4:15 a.m. on Nov. 20.

The reason for the breaking of Bitcoin's declaration is the explosive trading volume of the BlackRock Bitcoin spot ETF 'IBIT' at the same time as the Nasdaq listing. The trading volume of IBIT options on the first day of trading on Nasdaq is about $1.9 billion.

The IBIT option showed explosive trading volume on the Nasdaq, increasing liquidity in Bitcoin itself, and Bitcoin, which had been slowing down for a while after a new high every day, is back on the wings. Bitcoin hit a new high in six days.

With Bitcoin's new high, Bitcoin Dominance rose, and Altcoins, which had recently soared, fell slightly as funds poured into Bitcoin.

◇Bitcoin = Bitcoin price is $92,815 at 4:30 p.m. on Nov. 20, 2024. The Bitcoin share(dominance) was 60.51%.

The long(up) and short(down) betting ratios in the Bitcoin futures market stood at 44.42% and 55.58%, according to the on-chain analytics platform Sigbtc.

As Bitcoin broke through the high price, experts predict that it is not the end but the beginning.

Joe Consort, a researcher at Bitcoin trustee Teya, said on his X account on the 20th, "The floodgates for Bitcoin growth in the financial market have opened," and stressed, "The launch of the IBIT option marks a new era for Bitcoin in terms of bitcoin price dynamics, volatility and institutional adoption."

Burakkesmeci, a researcher at the on-chain analysis platform CryptoQuant, pointed out the possibility of Bitcoin's rally at 90% based on various data surrounding Bitcoin in his own report. He stressed that Bitcoin's price will soon show a significant increase, referring to the Bitcoin Puel Multiple, which means the relationship between Bitcoin mining revenue and market movement.

◇ Upward Coin = The cryptocurrency that recorded the largest increase from the previous trading day at 4:30 p.m. on Nov. 20 was Bonk(BONK), which rose about 16%.

Bonk is a Solana-based 'meme coin' and is the main driver of the soaring animal meme coins that began last year.

Bonk soared with the price increase of SOL, which began in November last year, and posted a gain of about 410% for about two months last winter. Currently, it boasts high recognition and trading volume among meme coins.

◇Fear Greed Index = The cryptocurrency fear-greed index provided by Alternative has entered the phase of 'Extreme Greed' with 83 points. Extreme Greed is an upward phase accompanied by high trading volume and strong volatility. It can be said that it is a selling section for institutions as it is highly likely to leave the market at its peak.

The cryptocurrency relative strength index (RSI) provided by Sigbtc was 59.0, which was in a 'neutral' state. RSI sets the relative strength between the upward and downward pressure of a particular asset price and is an indicator of a measure of over-purchasing and over-selling of a particular asset.

권승원 기자 ksw@blockstreet.co.kr