$83 Billion in Bitcoin (BTC) in 24 Hours: What's Happening?
u.today 02 August 2024 10:51, UTC Bitcoin (BTC) bulls have started to push the price higher after yesterday’s minor price dip. They have been showing great interest as the trading activity is surging today. It is a watershed moment as the BTC price needs this backing from bulls on the market.
The trading volume of Bitcoin, per CoinGlass, has soared 25.61%. Traders have injected almost $83 billion into the market in the last 24 hours. With this support from the bulls, the total market capitalization of BTC currently stands at $1.27 trillion.
Crypto exchange Binance, with a volume of $23.56 billion, is leading the pack in terms of experiencing the most trading activity for Bitcoin. It is followed by Bitget at $14.51 billion, Bybit at $11.07 billion and OKX at $10.77 billion, among others. This means that the leading cryptocurrency in the market is surging in volume across all major platforms.
Bitcoin witnesses major bullish signals
Amid rising trading activity, the Options Open Interest (OI) of BTC has also seen a major boost during this time. As of now, the OI has surged 2.18% to $10.24 billion. It shows that there is a big surge in the number of options contracts held by BTC traders in active positions.
It should be noted that this rising OI means that current market sentiment is optimistic. Moreover, it indicates that investor confidence is pushing the price to higher levels. High OI is a crucial indicator as it pinpoints the continuation of this bullish trend on the market.
Bitcoin price rally scenario
As of writing this story, the price of BTC is at $64,451. It has witnessed a minor dip of 0.03% in the last 24 hours. However, the broader trend remains positive as the BTC price is still up 3.04% over the last 30 days. Moreover, the price is still up 119.03% in the past year.
Seeing all these indicators and figures, it will not be wrong to say that Bitcoin is not in a bearish trend. The broader outlook is strongly bullish, and the resurgence of bulls only supports this Bitcoin outlook. Overall, BTC appears to be heading toward the next higher levels.
