. . World News – US – Market Rollover: Bitcoin broke $ 17. 8K, Ether outperforms in November so far – CoinDesk

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Spot volumes and open futures pushed Bitcoin higher on Tuesday, outpacing the Ether performance so far this month..

Bitcoin’s bullish situation continued on Tuesday after the opening of the week, hitting the highest levels not seen since early 2018. The world’s oldest cryptocurrency was trading up to $ 17,862 as of press time, according to CoinDesk 20 data..

The last time Bitcoin was at this level was in December. 19, 2017, a choppy day saw the price of 1 BTC range from $ 16,862 to $ 18,984.

Jason Law, head of operations at the San Francisco-based OKCoin Exchange, said Monday that the promising news of a possible second coronavirus vaccine had lifted most of the markets, and Bitcoin simply continued to operate with very positive trading fundamentals.. . “It actually acquired Bitcoin on the Monday before the vaccine news, which reflects its recent strength,” Lau said.. “This rise against 2017 is different because it is driven more by institutions.

Open interest on Bitcoin futures in place of institutional investor, CME hit a record high on Tuesday, reaching $ 976 million, according to Skew data aggregator.

Denis Vinokurov, head of research at Bequant, a crypto-brokerage, said:.

Jay Hirsch said, Yo. s. Managing Director of eToro multi-asset brokerage. “FOMO is back and it looks like 2017 again, only this time the market is being supported by real fundamentals instead of the [initial coin offer] obsession that prevailed three years ago..

Spot volumes on the major USD / BTC exchanges were booming on Tuesday, at over $ 1. 1 billion daily volume as of press time and well above the daily average of $ 413 million last month.

Aside from the major trading platforms exchanging dollars for bitcoin, Hersh also noted that many retail investors now have another niche in the form of PayPal (PYPL), which has unlocked crypto purchases of up to $ 20,000 for all U. s. Last week’s population and that could increase the possibility of the price reaching new highs.

“Given the increasing exposure of parent and investor investors through platforms like PayPal, we may be on the rampage, with Bitcoin surging into a whole new territory where it is likely to cross all-time highs,” Hirsch said..

Another factor to consider: the declining value of U. s. Dollars. Yo. s. The dollar index is down 0. 25% on Tuesday, still in recession against a basket of other fiat currencies.

« The other big variable is the depreciation of U. s. In dollars, ”notes Elia Maximinka, CEO of the decentralized financing startup PlasmaPay. “This makes people less confident in the dollar, so people depend on other investment tools.

Ether (ETH), the second-largest cryptocurrency by market value, rose on Tuesday when trading $ 482, up 4. 5% in 24 hours as of 21:00 UTC (4:00 PM). M. ET).

Bitcoin price actually outperforms Ether in November through publication, up 28% versus 24%.

Brian Mosof, CEO of investment company Ether Capital, said that bitcoin is on this upside has a well-known name that Ether doesn’t know – at least for now.. “It’s easy to understand why Bitcoin is leading this month in the digital asset space. « For traditional investors, it has the bigger brand by far, » Mosof told CoinDesk.. However, I believe that both Bitcoin and Ether will do well in the coming months and years. Ethereum’s programmable flexibility is technically an order of magnitude optimization compared to the [Bitcoin blockchain] and has by far the largest and most diverse group of developers..

CoinDesk 20 digital assets are in green on Tuesday. Notable Winners as of 21:00 UTC (4:00 PM). M. ET):

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