Market Cap on it's slow but steady climb back to it's ALL TIME HIGHS!
The above chart is the current market cap for the last week. From a low of $490 billion, to now sitting at a value of $591 million. Most of this movement has occurred due to the futures markets closing and settling, with CBOE closing on the 17th of January and the CME contracts closing on the 26th January.
I expect the market cap to slowly rise between now and the 14th of February. With the introduction of Bitcoin futures markets in the middle of December last year, Bitcoin has been on a bearish run and has lost 50% of it's worth.
Expect this fall and rise at least two more times in the 1st quarter of the year. The futures market has driven out those with weak hands and only those hodling are still in a good position to profit before the 14th of February. What happens on the 14th? CBOE closes it's second round of contracts.
If you intend to short your coins at this point, selling on the 12th is a good possible date.
At the beginning of the month the Market cap was sitting on $830 Billion. Interestingly on the 17th January when the first contracts with CBOE expired, within two hours there was a flurry of activity, with a major rush in the buying of Bitcoin in particular. Pay attention to this development as this will be a reoccurring pattern!
What make this very interesting is the fact that the contracts brought through CBOE and CME numbered only in the hundreds. This should in reality have a minuscule effect on the overall market cap. However, this has had a major effect on the market cap. Why? I am certain that in time this will be made clear to everyone. There is manipulation of the market at the moment. The how and why is yet to be determined?
How will this play out into the future? Questions are being raised at the moment. Answers need to be forthcoming at some point!
Let's allow things to develop and see where this all leads us.
I've included two links to other sites regards the futures market, I hope they are of use to you all.
https://www.coindesk.com/cboes-first-bitcoin-futures-contract-expired-today/
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