Your Cryptocurrency Newsletter for 24 November,2020

If you are interested in cryptocurrencies, this newsletter is for you. [img]  [Learn more about RevenueStripe...](   [Learn more about RevenueStripe...]( [img]( [FeedBinary Newsletter]( [Ethereum Price Hits $600 for First Time Since June 2018]( The price of Ethereum has reached heights not seen in over two years—and it’s up 14% today.Ethereum’s price has reached $600 three days after breaking $500.In the last 24 hours, its price has increased by 14%.A major Bitcoin bull run and anticipation over the Ethereum 2.0 upgrade have pushed up its price.Ethereum’s price has reached $600, the highest it’s been since June 2018. This comes just three days after the cryptocurrency broke the $500 barrier on November 20. Ethereum has been on an upward trend for the last three months. On August 23, the cryptocurrency was at $389. That means it has shot up 54% since.Ethereum continues to climb; the silent rally is upon us. Ethereum’s market cap has also increased. At the time of writing, Ethereum’s market cap is at $66 billion, up 28% in the last month, and 34% in the last three months. These positive indicators have led to an increase in Ethereum’s trading volume, which has grown from $11 billion last week to $27 billion today. This represents an increase of 59%.This is part of a longer trend. Ethereum’s trading volume has gone up by 196% since sitting at the $8 billion mark three months ago. Why is Ethereum’s price rising? Despite this upward trend, the last few months have not all been plain sailing. After starting September at a price of $486, Ethereum looked set to break the $500 mark only to dip all the way down to $327 on September 6. However, this reversal has come alongside both strong performance by Bitcoin (which can drag the market along with it) and excitement over Ethereum 2.0’s impending launch. Ethereum 2.0 is a network upgrade that’s set to solve the coin’s scalability issues. While penned for December 1, the network needs 524,288 ETH ($315 million) to be staked on the network for it to launch. So far, about half of this amount has been staked, but it’s not looking on track for the initial launch date. Ethereum has actually grown faster than Bitcoin over the last few months. Today, Bitcoin’s price is $18,513, up by 37% from its price of $11,627 three months ago. In contrast, Ethereum has grown at a rate of 54% in the same period.Over the last week, all of the top 10 cryptocurrencies—barring the stablecoin Tether of course—have increased in price. Ethereum has grown by 30%, while XRP has led the way with an increase of 78%. [Read Full News]( The post [Ethereum Price Hits 0 for First Time Since June 2018]( first appeared on [Feed Binary](. [Read Full Story]( ------------------ You Might Like     [Learn more about RevenueStripe...]( ------------------ [Bitcoin Hits the Front Page of The Wall Street Journal]( Crypto is against capturing the attention of the mainstream media, with the front page of today’s Wall Street Journal discussing Bitcoin’s 80% rally since reclaiming five-figure prices.After rallying 80% in two months, Bitcoin is recapturing media interest from the top end of town, with The Wall Street Journal discussing the cryptocurrency’s adoption among institutional investors on the front page of its Nov. 23 issue. The report notes that Bitcoin has recently found support from “Wall Street billionaires” Paul Tudor Jones and Stanley Druckenmiller, alongside other public figures including a sports radio host. WSJ’s coverage comes following a lull in Bitcoin’s presence in mainstream outlets, despite the cryptocurrency surging to test rarely seen prices while setting new records for market capitalization.In addition to significant investments from hedge fund managers and Grayscale Investments, WSJ emphasizes increasing demand from retail investors who can now access crypto assets through familiar financial service companies. The report notes that Bitcoin volumes on Square’s Cash App were $1.6 billion during the third quarter of 2020, compared to $555 million for the entirety of 2019. Trade activity on U.S.-based exchange ItBit also surged after it was revealed that PayPal’s Bitcoin trading services would be executed through the platform. On the same day, PayPal CEO Dan Shulman predicted during an appearance on CNBC that increasing everyday adoption of Bitcoin will see crypto assets “move from being less of just an asset class and more into a currency,” adding:As paper money slowly dissipates and disappears from how people are using transactions, central banks especially on the retail side will need to replace paper money with forms of digital fiat currency. [Read Full News]( The post [Bitcoin Hits the Front Page of The Wall Street Journal]( first appeared on [Feed Binary](. [Read Full Story]( ------------------ You Might Like     [Learn more about RevenueStripe...]( ------------------ [Key Bitcoin and Ethereum Options Metrics Show Traders are Wildly Bullish]( Ethereum price is now the center of attention but options data shows pro traders are still wildly bullish on Bitcoin price.In the last few days, Bitcoin (BTC) price has underperformed Ether (ETH) by almost 20%. Even though BTC seems to be struggling to break the $18,800 barrier, both cryptocurrencies display the same bullishness according to derivatives markets data.Ether is entering a parabolic rally as its Eth2 network launch progresses, and this optimism is reflected in the options markets. Despite the lack of similar price action from BTC, Bitcoin traders seem unfazed, and data shows they are still wildly bullish. Futures contracts for Ether and BTC are still bullish Analyzing the basis indicator is a useful procedure as it compares the futures contracts level to the current price at regular spot exchanges.Healthy markets usually display a 5% to 10% annualized basis, in a situation known as contango. On the other hand, futures trading with a discount usually occurs during heavily bearish markets. The Ether futures basis has been ranging between 10% and 20%, indicating bullish expectations. Instead of leaving Ether at a derivatives exchange, the seller would rather utilize them for staking. Therefore, it is only natural to demand a premium for the trade.The BTC futures premium has been behaving similarly, despite today’s lackluster negative performance. Had traders given up expectations of a continuous bull run, this indicator would have moved below 10% annualized.There’s only one reason why a trader pays such a hefty premium on a futures contract, and the reason is bullishness. This indicator can be interpreted as a tax to carry leveraged long positions. Option traders are unwilling to open bearish positions Viewing the 25 delta skew also provides useful insight into the sentiment and stance of pro traders.A positive 25% delta skew indicates that put (sell) options cost more than similar call (buy) options, signaling bearish sentiment. On the other hand, a negative skew suggests bullishness.The indicator usually oscillates between -20% to +20% in neutral markets, although it hasn’t been the case for Ether over the past weeks. Take notice how the Ether futures basis touched extreme optimism levels on Nov. 21, which is highly unusual.This data suggests that options traders are unwilling to sell upside protection. At -20%, the skew indicator signals that derivative investors remain bullish despite the 28% rally over the past seven days.One should expect BTC options traders to be slightly less optimistic after today’s negative performance, but that hasn’t been the case. Data shows that BTC option traders are presently remarkably optimistic, regardless of how difficult the last couple of days have been. Thus, there is no indication of a shift in sentiment coming from derivatives markets.Although there are multiple ways to read the same chart according to technical analysis, BTC hasn’t precisely been transpiring optimism. Traders that prefer shorter time frames might have a bearish interpretation of the recent price action. Meanwhile, professional investors know how unpredictable BTC markets are. Therefore they are not ready to reduce their positive expectations at a whim.For now, there seems to be no reason to doubt Bitcoin’s positive momentum. Even though Ether has outperformed it, traders are exhibiting the same confidence in both cryptocurrencies. [Read Full News]( The post [Key Bitcoin and Ethereum Options Metrics Show Traders are Wildly Bullish]( first appeared on [Feed Binary](. [Read Full Story]( ------------------ You Might Like     [Learn more about RevenueStripe...]( ------------------ ------------------ Connect with TheFeedBinary on Facebook and Twitter [fb](  [tw]( ------------------ You received this email because you operate or create content for a website/service and based on your website it seemed like this could be important information to you and your users. FeedBinary daily newsletter is managed by [Postbox Consultancy Services Pvt. Ltd.]( C-4/5, IBD Emporia, Kolar Road, Bhopal, Madhya Pradesh, INDIA, 462042 Want to change how you receive these emails? [Update your preferences]( or [Unsubscribe](