Leverage is fueling Bitcoin’s rally to highest price since January 2018
Bitcoin’s recent gains appear to have been driven by leverage-fuelled speculation, with open interest in futures and Binance’s leverage ratio pushing into new highs. On Nov. 4, crypto data market aggregator CryptoQuant published a chart indicating Binance’s Estimated Leverage Ratio — open interest divided by Bitcoin (BTC) reserves — has pushed into new all-time highs.The record was set on Nov. 3 after a spike in open interest pushed Binance’s ELR above 0.18 for the first time. The spike in ELR came shortly before Bitcoin established a double-bottom at roughly $13,400. New data suggests....
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Bitcoin has powered to its highest price since early 2018 as the buying frenzy continues. Bitcoin has just powered up to its highest price since January 8, 2018, knocking on the door of $16,000 as FOMO grips the markets once again.In a move upwards that has added more than 12% over the past 24 hours, Bitcoin prices touched their highest levels for 33 months reaching $15,980 during early trading in Asia today, November 6, according to Tradingview.com.The $16K level may form resistance since there were two weekly closes at $16,100 in early January 2018 so if this week’s candle can hold on to....
Buying one digital unit of Bitcoin now costs around $14,500, about twice higher than it was at the beginning of this year. That is also the highest level since January 2018.