Bitcoin (BTC) has hit $100,000, and this guide explores five key metrics to navigate the opportunities this bull market presents for crypto traders and investors. We examine BTC price and market capitalization, Bitcoin Open Interest (OI), Bitcoin ETF flows, Bitcoin hashrate, and Bitcoin difficulty.
In this guide, we are going to review five metrics you should track to get maximum off this bull run for Bitcoin Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies.
Bitcoin ETFs flow, i.e., a net USD-denominated change of aggregated balances of major exchange-traded funds on spot Bitcoin in the U.S. While the concept of cryptocurrency became mainstream since the inception of Bitcoin , it still remains the largest and most popular crypto.The Bitcoin price surged step by step together with the popularity of the cryptocurrency and its role as a new type of asset — not unlike Gold, the U.S. dollar or Crude Oil futures.
The results of the 2024 U.S. Presidential Elections are treated as a bullish catalyst for BTC by those who expect the regulatory hostility toward cryptocurrency to end. First of all, the community expects SEC Chairman Gary Gensler to step down in early Q1, 2025. Combined with growing geopolitical tensions across the world, the potential QE activity in the U.S. and China, these factors make some pessimists talk about the “worst crisis since 1929 coming.” The hypothetical recession will hit Bitcoin harder than traditional assets.The Bitcoin price is a USD-denominated value of one Bitcoin. While the definition itself is quite simple, some clarifications are needed to properly understand what the BTC price is at this or that moment.
Bitcoin market capitalization is the aggregated price of all Bitcoins in circulation. Currently, over 19.97 million Bitcoins are mined with a total value exceeding $1.1 trillion.Bitcoin open interest or Bitcoin OI refers to the aggregated volume of BTC derivative contracts, such as futures or options, that have not yet been settled. It indicates the level of trading activity and investor interest in the BTC-USDT derivatives market.
When inflows are registered, investors are purchasing shares of Bitcoin ETFs, pushing the funds to acquire more Bitcoin to grow the balance of their baskets. This is a reliable indicator of strong short-term bullish sentiment and often boosts Bitcoin's price due to increased demand. The metric is calculated in hashes per second , indicating the number of attempts to solve the cryptographic puzzle required to add a fresh block to the chain. A higher hashrate signifies a more secure network, as it becomes increasingly difficult for malicious actors to gain control over the majority of the mining power. In turn, this reflects the confidence of miners investing extra resources into new computers and electricity.
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