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Bitcoin May Hit Record Highs on More Than 70 Days This Year: Van Straten
The largest cryptocurrency seems to be tracking the 2017 price performance, when it posted all-time highs on 77 days.
Jan 23, 2025, 10:11 a.m.
What to know:
- The bitcoin price seems to be tracking 2017's trajectory.
- In 2017, it posted record highs on 77 days.
- Typically when bitcoin hits an all time high investors see the market as overheated, unlike traditional finance assets.
Bitcoin (BTC), the largest cryptocurrency by market capitalization, is likely to hit record highs on more than 70 days this year, more than triple last year's number, if the price continues to mirror 2017's performance.
It's already on the way, hitting $109,000 on Jan. 20, the day of President Donald Trump's inauguration. In 2024, it made 23 records, the most since 2017, when it touched all-time highs on 77 days. This year, the price action seems to be tracking the trajectory of eight years ago.
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Record highs seem to elicit different reactions in crypto and traditional financial markets. Typically, when bitcoin breaks to a new high, the market is deemed overheated, greedy and overpriced. Assets such as gold and equities, however, often extend their bull runs. Gold made new all-time highs at least 33 times in 2024.
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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
What to know:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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