With many traders flocking to the world's larger than life cryptocurrency many investors of small scale have turned to the Greyscale Bitcoin Trust, to fulfill their demands. Greyscale otherwise known as GBTC its ticker symbol has become a popular tool for both small-scale and institutional level entry into the growing Bitcoin market.
This week was a phenomenal one for the world’s number one digital currency by market cap. Speaking of market cap Bitcoin’s total market cap grew to its all-time high reaching $369 billion on December 1st, and still sits well above $350 billion to this day.
It would seem that traders in the spot and futures markets wouldn’t let this rally die out before reaching a new record high in Bitcoin. During the Thanksgiving holiday, Bitcoin sold off on the spot exchanges while futures traders could do nothing until the following day when the markets re-opened.
As we made note of earlier this month PayPal’s announcement that Bitcoin will be supported on its platform morphed the 2020 bull run into a parabolic rise towards all-time highs.
Bitcoin has breached a level in which some analysts including myself would act as resistance and a likely point to enter a correction. This price level at approximately $16,300 in the CME’s futures contract was taken out in trading Monday and that opened the door for more parabolic movement to the upside gaining another $800 in today’s trading.
