Market Wrap: Bitcoin Blows Past $36.1K While Traders Clamor for Ether Options

Retail buying through PayPal is likely helping push bitcoin’s price higher while traders are hoping to get into an ether options market with potential volatility similar to March 2020.

  • Bitcoin (BTC) trading around $36,122 as of 21:00 UTC (4 p.m. ET). Gaining 5.7% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $33,875-$36,122 (CoinDesk 20)
  • BTC well above its 10-hour and 50-hour moving averages on the hourly chart, a bullish signal for market technicians.

Bitcoin trading on Bitstamp since Jan. 3.
Source: TradingView

The price of bitcoin hit another all-time high Wednesday, jumping to $35,735 at 04:00 UTC (11 p.m. ET Tuesday), easily surpassing Jan. 2’s previous record high of $34,366.

Read More: Bitcoin Sets New All-Time High Above $35K

And then, after hitting that price zenith, the world’s oldest cryptocurrency settled around the $35,000 level for several hours before heading upward yet again, hitting $36,122 as of press time.

“With a lot of demand from new market participants, both institutional and retail, it is reasonable to assume that we keep going up,” said Michael Gord, chief executive officer of trading firm Global Digital Assets. “A $650 billion market cap is still tiny in comparison to other global currencies or commodities that bitcoin is competing with.”

Historical bitcoin price the past week
Source: CoinDesk 20

“In addition to institutions continuing to push the market forward we are starting to see a surge of retail demand as well,” Gord added.

Many funds, including Pantera Capital, are identifying growth in retail demand via PayPal’s brokerage Paxos, which also owns the itBit exchange and provides liquidity. Since PayPal launched cryptocurrency capabilities for its users, itBit’s BTC volume numbers have increased significantly.

ItBit spot volumes over the past year.
(Shuai Hao/CoinDesk Research)
Source: CryptoCompare

Since the Nov. 13 rollout of cryptocurrency services to all U.S. PayPal users, itBit’s average bitcoin daily volume…

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