A new crypto tracker is in the crypto news today, showing something very interesting. According to analysts, traders on Wall street are apparently betting on Bitcoin (BTC) and looking to profit from the changing price of the most dominant cryptocurrency.
It is the new data from Skew Markets which signals that Wall street traders are increasingly betting on a new Bitcoin rally. The crypto trackers that the organization used shows that around 870 BTC is now net long, coming from a number of only 660 BTC from last week. All of this represents a 30% increase in a matter of days.
Institutional longs at CME – one month high
Could we see a breakout soon > 1.5k BTC? pic.twitter.com/y9SmywwVE0
— skew (@skewdotcom) November 2, 2019
Despite the rise of the Bitcoin (BTC) long positions, the cryptocurrency analyst @filbfilb on Twitter noted that he believes BTC will drop to $8,500 before starting a new run. This is how Bitcoin will fill the CME Figures gap which was created when the markets closed at around $8,700 on October 25th and reopened at the price of $9,500, the analyst said.
Meanwhile, the crypto tracker also hints that the demand for Bitcoin is also on the rise. This is the Bakkt Volume Bot crypto tracker, which reveals a sharp rise in the number of futures contracts on the platform over the past week or so.
Daily summary of Friday's Bakkt Bitcoin Monthly Futures:
📈 Traded contracts: 623 (+81%)
📅 Day before: 345
🚀 All time high: 1183
— Bakkt Volume Bot (@BakktBot) November 2, 2019
Meanwhile, the latest altcoin news show that the dollar value of cryptocurrency that is flowing through the Tron-based decentralized apps (dApps) is ahead of both EOS and Ethereum. The DappReview Twitter profile shows that $8. million of Tron (TRX) was moved through dApps on the network in the past 24 hours – compared to the $3.8 million worth of EOS and $3.7 million worth of Ethereum (ETH) on their networks.
#DApp Daily Report:
— DappReview (@dapp_review) November 3, 2019
The crypto tracker showing that Wall Street is entering crypto is one of the most interesting surprises this week. It also comes at a time when Bitcoin (BTC) is trading in the $9,200s and with a market cap of $166 billion. The demand for BTC and the 24 hour volume of $71 billion confirm that many people are now interested to buy and get a hold of BTC before a new rally occurs.
The total cryptocurrency market cap is at $247 billion and still fighting with the $250 billion mark. If the one percent rises continue tomorrow, we could definitely expect a breach above this mark.
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