Although some sources and exchanges called the Bitcoin all time high a bit earlier, the data fluctuates depending on the different exchanges. Firstly, some called the All Time High at $19,860, however, the ATH is quite debatable, we will compare different peaks from different exchanges (Order of volume).
As we can see above, from a handpick of the exchanges that were (1) Active during the 2017 bull run and (2) Considerably high volume; the peak is quite debatable, and thus explaining why some called the All Time Higher than others.
However, now the verdict is FINAL. On the 1st of December, Bitcoin broke the Coinbase high as well, thus officially, breaking all variants of the ATH by reaching $19910 on the Coinbase chart.
Do the Bitcoin futures affect the price’s future? The answer is complicated. On one hand, the futures do provide a relatively accurate view of the market sentiment, but at the same time, we have to remember that futures trading usually does not involve actual Bitcoin. Futures trading usually involves perpetual contracts which do not directly affect the price of the asset. However, in some cases like the Bakkt futures contracts, futures will actually be settled by actual Bitcoin. In other cases such as CME, Bitmex and Binance, futures are all settled by paper “worthless” contracts. However, if all exchanges were to adopt the Bakkt approach that would mean that to settle contracts, traders would need Bitcoin; this would lead to the price pressure moving upwards.
With future developments such as Bakkt, which are also in cooperation with companies such as Microsoft and Starbucks to create not only a trading platform but also a cryptocurrency management/custodian platform; as well as allowing users to spend their cryptocurrency; we can see that institutional interest is beginning to rise again; the future is bright for cryptocurrency; a break of the ATH is the pivotal point.
However, on a more sober note, once institutions get involved, retail traders will have less of an influence on the price level and we are more likely to see manipulation in the market and thus investors no matter the type (Hodl’r, Day Trader, Leverage Junkies) should be aware of the adjusting risks in an already risky market.
Thank you and Happy Bitcoin Month!
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