By CCN Markets: The bitcoin price has surged by seven percent on the day, recording a 32 percent monthly gain and a 151 percent year-to-date gain against the U.S. dollar.
The strong upside movement of the dominant cryptocurrency has occurred in anticipation of the opening of the CME bitcoin futures market on Monday.
Factors behind the bitcoin price rally
Earlier this week, when the bitcoin price was hovering at around $8,100, the “real 10” volume of the asset was at around $600 million.
The real 10 volume of bitcoin refers to the verifiable volume of the asset based on the methodology presented by Bitwise Asset Management which found that only ten exchanges in the bitcoin market have a real daily volume of over $1 million with the exception of BitMEX.
As of June 16, the real 10 volume of bitcoin remains above $1.1 billion, up nearly two-fold within a seven-day span.
The contributing factors behind the rally of bitcoin are considered to be:
- The anticipation of the CME bitcoin futures market open
- Intensifying geopolitical risks as a result of the trade war
- A general improvement in the sentiment around the crypto market
- Facebook’s entrance into the crypto market with large-scale corporations as key partners
- Several important fundamental factors such as the upcoming halving of bitcoin in 2020
Placeholder VC general partner Chris Burniske suggested that investors may have panic sold experimental assets including bitcoin In late 2018 due to the uncertainty in the global macro landscape.
In Dec 2018 BTC was maybe more affected by the global macro scare than people realized.