BTC Glide Higher Amid Options Contract Expiry
By Laxmikant Khanvilkar
Leading virtual digital assets (VDAs) have managed to recoup losses partially as lack of macro indicators this week drove investor focus on options contracts expiry.
Bitcoin (BTC), the world’s most valuable cryptocurrency, managed to trade above $26,000 mark, even though the traditional markets suggest poor appetite for risky assets.
BTC recently changed hands at $26,279.88, up 0.33% over the past 24 hours. Ethereum (ETH), the second largest crypto in market value, was quoting 0.59% higher at $1,587.80.
Analysts have pointed to little or no major macro updates this week should keep crypto fairly supported. Further, the zero correlation between BTC/USD can help maintain stability. Recently, the BTC’s correlation with the Dollar Index (DXY) hit zero, meaning there’s no relationship at all between them.
The global crypto market cap gained 0.68% to $1.05 tn, over the last 24-hours. Simultaneously, the total crypto market volume increased 27.12% to $23.89 bn. The total volume in DeFi is currently $1.96 bn and all stablecoins $22.58 bn, representing 8.21% and 94.52% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance eased 0.07% to 48.94%.
IC15 index, the barometer of top fifteen tokens, edged up 0.98% to 33.930.79.
Meanwhile, on Friday, a total of 1.217 million bitcoin and ether options contracts with a notional value of $4.8 billion will expire on leading crypto options exchange Deribit. Roughly 10% or 117,000 contracts out of the total are tied to bitcoin, while the rest are ether options.
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