It’s a New Year and new positive for BitMEX, the world’s largest bitcoin derivative market. The massive Bitcoin futures market is reportedly turning in inflows of over 15,000 BTC (approximately over $140 million). The platform seems to overturn December sorrows of massive declines of 1,000BTC (over $9.3 million) in their cold wallet balance.
Crypto Market Warming Up
Looks like Christmas at the beginning of the year for bitcoin. The crypto market is reportedly warming up. Products associated with bitcoin are blossoming on the internet. So far, bitcoin prices have gone up 40% this month alone. and the bitcoin massive rallies can only be attributed to three factors; The fact that bitcoin halving event is around the corner in May 2020, the fear of the coronavirus leading people to invest in a safe haven asset and last but not least, the fact the presence of strong fundamentals in the industry which are getting stronger daily.
These factors would naturally leave a mark on crypto exchanges like BitMEX, the world’s largest bitcoin margin exchange with a trading volume of almost 4 billion. TokenAnalysts also reports that the exchange has seen a 5.84% increase in positive inflows. Practically, that means that more is being deposited than being withdrawn, which is good for the exchange.
A Strong Upside Potential For ETH
Meanwhile, Ethereum is showing potential in breaking the bulls. The world #2 cryptocurrency is recovering from the downward selling pressure that it has experienced in the last 3 months. At the moment, the asset is fluctuating while showing signs of breaking lower, unless a new volume arrives.
Analyst perceive the charts with no certainty of a bull run forthcoming. Ethereum remains depressed while a move against bitcoin is rather overdue. ETH currently sells at $176 while the $200 target has been abandoned for now. Trading volume, on the other hand, remains high, at $10 billion in the past 24 hours and this sparks hope for more trading.
Transition Casts Doubts
Over $1 billion flows into ETH from tether while $770 million from BTC markets. The heightened activity is however yet to produce a rally partly because of the transition period to ETH 2.0 and doubts regarding the effect of Proof of Stake.
As for now, Ethereum’s price looks disorganized and yet to find a new direction to take. Such a dilemma is only normal for altcoins when bitcoin is rallying.
The market for Ethereum market is slim and trades push it more than expected. Analysts, however, believe that Ethereum is capable of hitting $200 again and has potential for a bull chase.