Bitcoin continues to soar towards new highs as a post-holiday buying spree persists, with institutions actively participating in the market and driving up prices. The Coinbase Price Premium has returned to positive territory, while altcoins such as XRP, ADA, RENDER, and HBAR have led the advance, with U.S.-listed bitcoin miners also moving higher.
The Coinbase Price Premium Bounced Back to Positive Territory
The Coinbase Price Premium, which measures the difference between the spot price of BTC on Coinbase and Binance, has bounced back to positive territory since bitcoin pulled back below $91,000 earlier this week.
Strong Institutional Participation in Bitcoin Market
The price premium on futures relative to the spot market suggests strong institutional participation, with open interest for bitcoin CME futures sitting at all-time high levels. This indicates that institutions are actively participating in the market, driving up the price of bitcoin.
Coindesk Bitcoin Index Climbed to a $98,690 Session High
The Coindesk Bitcoin Index climbed to a $98,690 session high during early U.S. hours, advancing 3.3% over the past 24 hours. The broad-market CoinDesk 20 Index surged 6.2% during the same period, indicating that altcoins led the advance.
Altcoins Led the Advance
XRP, ADA, RENDER and HBAR booked double-digit gains during the day, leading the advance in the crypto market.
U.S.-Listed Bitcoin Miners Move Higher
U.S.-listed bitcoin miners are moving higher, led by Bitdeer’s 15% advance to notch a fresh all-time high above $14. Major miners including MARA Holdings and Riot Platforms were also up 5%-10% in the first hours of the session.
Crypto Equities Lag Behind Miners
Crypto equities Coinbase, MicroStrategy, and Semler Scientific lagged behind the miners, despite the overall surge in crypto prices.
Bitcoin Futures Briefly Surpassed $100K
Bitcoin futures on the Chicago Mercantile Exchange briefly surpassed the $100,000 level during the day before slightly retreating. This is the second occasion after first hitting the milestone last Friday.
