Bitcoin starts the week above $65,000, just 6% off its all-time high of $69,044 set on November 10, 2021.
As of this writing, the Bitcoin price is $65,037.24. This means the price is up 6% since yesterday, with an impressive 27% gain in the past week alone, according to CoinGecko data. And if we can replicate that 6% price increase, we’ll hit an all-time high.
The world’s oldest and largest cryptocurrency recorded $27 billion worth of trading volume today. This is already more than yesterday’s total volume. Another sign that weekend Bitcoin trading has really fallen out of favor with investors.
However, depending on which currency you use to measure the price of Bitcoin, it has already surpassed its all-time high.
The day BTC reached its highest price in US dollars in 2021, it was traded in Europe at €59,716.82. Currently, at the time of writing, 1 BTC is trading at €59,901.25. Bitcoin has already set new record highs against other global currencies including the Chinese yuan, Japanese yen, British pound and Indian rupee over the weekend.
So why do some currencies have an ATH and the dollar does not? For example, in November 2021, 1 euro was worth about $1.16. However, the euro has now fallen and is worth $1.08 at the time of this writing. That said, the US dollar has gained purchasing power relative to most other currencies since 2021.
As if there aren’t already many all-time highs to track, it may also depend on the exchange.
Blockchain analytics firm Kaiko found that USD Bitcoin’s all-time highs are slightly different, with the highest being recorded on OkCoin. However, it is safe to say that if the price of Bitcoin passes $69,000, the market will likely hit a new historic high.
And with only 25 days left, it is not surprising that open interest for Bitcoin options expiring on March 29 continues to rise at a steady pace. According to CoinGlass, Bitcoin open interest increased by 10% in the past day alone and now exceeds $30 billion.
Bitcoin open interest refers to the value of all outstanding futures contracts that have not yet been settled. As the Bitcoin network approaches its fourth halving event, which has historically created a lot of upward momentum in the price of BTC, historically high valuations exist in options contracts expiring on March 29. Traders use options contracts to bet on what will happen. Prices will move in the future.
At the time of this writing, popular derivatives exchange Deribit has $775 million worth of open long-term contracts and is betting that Bitcoin will reach $70,000 before the end of the month.
