Bitcoin’s Meteoric Rise in January
This start of 2021 was nothing short of extraordinary for Bitcoin. The cryptocurrency saw its price skyrocket from about $30,000 to nearly $42,000. If Bitcoin were a rocket, we’d all need well-fitted helmets. TradingView data shows that our favorite digital currency not only broke the internet but also shattered previous records.
Futures Trading: A New Wave
In a delightful twist, the Chicago Mercantile Exchange (CME) reported an astonishing surge in Bitcoin futures trading. “In January, BTC average daily volume (ADV) reached a monthly record of 17,549 contracts, equating to an incredible 87.7K Bitcoin,” gushed the CME representative, as if they’d just won the lottery.
To put this in perspective, December 2020’s ADV was only 11,179 contracts, meaning January saw a jaw-dropping 57% increase. Now that’s a trading party one doesn’t want to miss!
Growing Popularity: Account Activations Soar
Interest in Bitcoin is like that popular kid in high school: everyone wants to hang out with it. CME reported that record-high interest translated into 528 new accounts opened in January alone. With a faithful squad of over 7,400 unique accounts since its launch in December 2017, CME’s Bitcoin futures trading is only getting bigger. In case you’re counting, that’s a 2.3x increase from 2020 alone!
The Rollercoaster Continues
Despite the dizzying heights, Bitcoin isn’t done keeping us on our toes. After hitting record highs, it plummeted by more than $13,000 but has since clawed its way back up to around $49,200 at the time of writing. Is this the cryptocurrency equivalent of a dramatic soap opera? You bet!
What Lies Ahead?
The robust interest in Bitcoin futures contracts suggests that this digital currency is far from over. As we explore uncharted territories of the crypto landscape, it becomes evident that the journey has only just begun. Buckle up, because if January was any indication, the ride ahead promises to be equally thrilling!
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