Ethereum Surges As Bitcoin Tops $28k And Crashes

Blockchain, Technology, Smart, Bitcoin, Money

Bitcoin  has been stealing the spotlight in recent weeks as it has soared to higher and higher record heights, but overnight saw a 'regime-shift' as Bitcoin topped $28,500.

Source: Bloomberg

Then it crashed over $2,000 lower, only to be bought back.

Source: Bloomberg

Bitcoin's surge had pushed it above its stock-to-flow model estimate.

Source

Some still have even bigger plans...

While Ethereum surged to a fresh cycle high.

Source: Bloomberg

It surged to its highest since May 2018.

Source: Bloomberg

This was a very notable reversal in the recent trend of Bitcoin outperformance.

Source: Bloomberg

Ethereum seemed to find support again at 0.025 Bitcoins.

Source: Bloomberg

Bitcoin's surge in price pushed it above the $500 billion market cap level for the first time.

Source: CoinMarketCap

With institutional investors taking a break, talk turned to retail buyers fueling the latest phase of the Bitcoin bull run.

“The bull cycle of bull cycles has started, as more and more players are starting to adopt towards Bitcoin and cryptocurrencies,” Cointelegraph Markets analyst Michaël van de Poppe summarized to Twitter followers.

Finally, this looks set to be the biggest gap open in Bitcoin futures markets ever as spot prices have surged an incredible $4000 since Bitcoin Futures closed on Thursday...

Source: Bloomberg

 $2.3 billion worth of Bitcoin futures expired on Christmas day, which historically has led to choppy markets, but we suspect some serious margin calls are still on their way.

With the end of the year looming, some fund managers may also be buying BTC so they can brag next year about being smart enough to get in in 2020 while neglecting to say at which price they had done so.

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Currency Trader 3 weeks ago Member's comment

Tyler Durden is always a bit too sensationalistic. "Crashes" is an exaggeration.