Market Wrap: Bitcoin Hovers Around $27K While ETH/BTC Pair Goes Bullish

Bitcoin’s price has ridden a roller coaster on lower spot volume while options traders are ready to bet on ether FOMO.

With all this bullish bitcoin activity, the ETH/BTC pair has gone bearish, a sign traders are selling ether for bitcoin.

The market is bullish on both cryptocurrencies, for different reasons.

Bitcoin fell to the $26,000 level after it hit above $28,000 on Sunday, yet markets remain bullish on both retail and institutional interest.

Here is Bitcoinist’s Bitcoin Market Wrap. It is been a relatively quiet week for Bitcoin, market-wise. Bitcoin has only fluctuated a couple percentage points every day, with usually a net difference of 1-3% daily. If we take a look at more traditional investments, 1-3% of the variation is a lot, but for Bitcoin in its current state, that is pretty stable. If we take a look at those same “traditional investments” they are down as well. For example, oil is under $2 per gallon in most states in the US, silver is under $17 an ounce, and gold is down $30 today, same with platinum.