Analysts are trying to unravel the reasons for Bitcoin’s latest spike and Google Trends data has the answers. The data from the search engine reveals that it was initiated by funds from institutional investors who plunged in into the market.
Despite the price spike, it is clear that interests in Bitcoin have dropped when compared to 2017, however, data from Google search engine made known that there has been increasing growth in the interest since June 5.
This signifies that the searches aren’t a result of retail investor FOMO, but from institutional investors.
With such evidence, there are great chances BTC will spike higher than the previous peak value -$20,000, especially when retail investor FOMO begins.
Also, open interest data CME Group reveals that interests from institutional investors have soured.
CME Bitcoin futures (BTC) shows growing signs of institutional interest. BTC open interest rose by a record 643 contracts in a single day, establishing a new all-time high of 5,311 contracts on June 17 (26,555 equivalent bitcoin; ~$250M notional). https://t.co/I6A3jD6Iq3 pic.twitter.com/ljz6EbvK79
— CMEGroup (@CMEGroup) June 18, 2019
On June 17, 5,311 contracts accumulating to 26,555 BTC open interest were seen at CME Group, a value roughly around $246 million.
Bitcoin Taking a Nap around $10,600 & $10,700
The market seems to be getting the unexpected even though Bitcoin and the rest of the ecosystem went through a swift rise over the weekend to give people more hope. However, people’s forecast around $13,000 seems to be dashed as the king of crypto continues to hover around $10,600 and $10,700 after testing $11,100 resistance level.
Bitcoin as at press time is opened to the reddish side of the market as the crypto asset takes a strange rest, making some feel like there can be a price correction that will send Bitcoin and other assets down the market.
Nevertheless, a number of coins have taken charge in the market with the responsibility of getting the market green till Bitcoin wakes from its slumber, if it would.
While trading at $10,756, Bitcoin displays a price change of -0.06% with a market cap slightly above $191 billion which makes it remain on the 1st position of the table.
Ethereum, Cardano, Tron Taking Charge of the market
On the top ten table market, there are only two coins with green flag signaling price addition in the last 24 hours. Ethereum and Cardano are pulling enough string to bring the market back to normality along the upside trend of the market. Tron, similarly has also followed the trend.
Cardano and Tron are taking the lead among top 50 cryptos with 5.07% and 4.11% price change to be valued $0.1002 and $0.0382 respectively as at the time of writing this article.
Ethereum, on the other hand, is joining the effort for a market revival. Ethereum, with a market price of $311.84, is changing hands with 1.31% in the last 24 hours.
Although, Bitcoin is yet to resume on the upside trend of the market, but there are great chances the Bitcoin will make a revival that will make BTC charge towards $13,000 and above.