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$14K: Bitcoin Briefly Hits Highest Level Since January 2018

Bitcoin has carved out a 33-month high, showing resilience amid growing instability in the traditional markets.

Updated Sep 14, 2021, 10:25 a.m. Published Oct 31, 2020, 10:09 a.m.

Bitcoin has soared to a 33-month high above $14,000, showing resilience amid growing instability in the traditional markets.

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The top cryptocurrency by market value reached $14,047 around 10:05 UTC on Saturday – the highest level since January 2018, according to CoinDesk's Bitcoin Price Index.
Earlier this week, bitcoin narrowly missed breaching the June 2019 high of $13,880 and faced selling pressure as global stock markets registered sharp losses as concerns over the resurgent coronavirus spiked.
However, the downside was restricted to above $13,000 even as classic haven assets like gold fell to one-month lows near $1,860 amid the dollar strength.
Stocks have just seen both their worst week and month since March.
Bitcoin's defense of $13,000 and a quick rise to 33-month highs is perhaps not surprising.
Market sentiment has been buoyed by several public companies' recent disclosures of bitcoin treasury investments.
"Bitcoin currently has a very strong underlying bid from institutions," trader and analyst Nick Cote told CoinDesk.
If the cryptocurrency manages to establish a foothold above the June 2019 high of $13,880, the focus would shift to the daily chart resistance range at $15,800–$16,000.
At press time, bitcoin had dropped back to $13,993, but is still up over 25% for October, the biggest monthly rise since April.

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When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.

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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.