Bitcoin (BTC) has experienced a robust surge of 5% within the last 24 hours. From a 24-hour low of $41,421, Bitcoin soared to an impressive high of $44,408. However, the coin has settled at its current price of $43,683.
The cryptocurrency market has been buzzing with activity, and the 24-hour trading volume has reached a staggering $37,906,198,630. The rise in activity has secured Bitcoin the second spot, according to CoinMarketCap data.
Also read: Coinbase Introduces Money Transfers Through TikTok and Instagram
Amidst this surge, the renowned GreeksLive analysis has provided valuable insights into the recent positive run. In a recent tweet, they emphasized that the current bull market is distinctly spot-driven.
GreeksLive mentioned in the tweet that the major derivatives data remains relatively flat. Additionally, they stated that futures premiums are holding steady at around 10% and options implied volatility (IVs) are not exhibiting significant gains.
Also read: Top 3 Cryptocurrencies Under $1 To Watch This Week
Is Bitcoin exhibiting a healthy bull run?
According to the GreeksLive analysis, the spot-driven nature of this bull market is a positive sign for the overall health of Bitcoin. The downside is considered limited, painting a favorable picture for investors. As discussions intensify regarding the potential passage of the ETF, it is clear that the current spot bull market is robust and seemingly here to stay.
The stability in major derivatives data, particularly with futures premiums holding at 10%, underscores a consistent demand for Bitcoin in the market. Options IVs not showing substantial gains further suggest that investors are navigating the current landscape with measured optimism.
Also read: Top Gaming Tokens React to GTA 6 Trailer Release
The much-awaited Bitcoin ETF, if approved, could potentially open new avenues for mainstream adoption and investment in the cryptocurrency. In conclusion, Bitcoin’s recent surge, coupled with the stability in major derivatives data, paints a positive outlook for the leading cryptocurrency. However, as with any investment, investors and traders should stay cautious, as the market can turn unpredictable all of a sudden.