Daily Times

The cryptocurrency market remained positive for the second consecutive day despite $3.1 billion of bitcoin options were set to mature on Friday, with the market capitalisation gaining 0.8 percent to reach $2.72 trillion as of 1210 hours GMT. Bitcoin, the largest cryptocurrency, shed 0.07 percent to reach $60,934. With this decrease in price, the market capitalisation of the biggest cryptocurrency has reached 1.14 trillion. A full $3.1 billion of BTC options matured on Friday, which remained a source of volatility in the market.

However, ether (ETH) price gained 4.09 percent to reach $4,320. With this increase in price, the market capitalisation of ETH has reached $507 billion. Similarly, XRP price gained 0.17 percent to reach $1.06. The market capitalisation of XRP stands at $106 billion after this increase. On the other hand, cardano (ADA) price inched down by 0.14 percent to reach $2. Its market capitalisation has reached $64.9 billion with this decrease.

Similarly, dogecoin (Doge), which took a giant leap with 29.06 percent gain a day earlier, faced correction and dipped 3.41 percent to reach $0.285. With this decrease in price, the market capitalisation of doge has reached $37.5 billion. According to experts, calls (bullish position) give the options buyer the right to purchase the underlying asset in the future at a predetermined price, whereas puts (bearish position) provides the right to sell. They said that long-term traders stand to benefit should BTC maintain current levels around $60,000 and put option volume remains subdued.

Some believe what is happening is a quick balancing process and preparation before the push for new highs, while others think it’s the beginning of a broader correction that will take BTC to $45,000-$50,000. They also mentioned that technical price indicators are retreating from overbought levels, which could lower the odds of a sustained correction. Other analysts are cautiously optimistic and expect the current pullback to attract greater buying interest for the remainder of the year. Despite this quick dip from the highs, the market feels relatively calm and perhaps even slightly optimistic that this is just a dip before a larger rally into year end, they said.