Bitcoin SV leads gains after CME launches futures BTC trading

Bitcoin SV leads gains after CME launches futures BTC trading

The top 10 cryptocurrencies, led by the Bitcoin SV, augmented on Tuesday, on optimism regarding the crypto market after the launch of the derivatives exchange CME’s futures contracts for BTC.

The Bitcoin jumped nearly 5 percent to trade above $8,500 for the first time in two months as the launch of the CME’s futures witnessed the surpass of rival Bakkt in reported volume within its first day of trading.

“As with any new financial product, we expect volume will grow organically as investors get more comfortable trading it,” Global Head of crypto trading giant Cumberland, Chris Zuehlke commented on the kick off of the CME’s futures contracts for BTC.

The largest cryptocurrency saw some improvement in the trading volume to near $30 billion, with the Bitcoin dominance reaching 68.2 percent.   

Some analysts argue that holding above $8,500 could grant further gains for the Bitcoin after consolidating above $8,000 on Monday.

The total market capitalization in the cryptocurrency market surged from $205 billion on January 10 to 228.5 billion today.

Among the top 10 digital currencies, the Bitcoin SV leads led the gains as it added more than 25 percent to $205.05, according to CoinMarketCap.

Ethereum saw a 4.7 percent rise to $150.62, Ripple recorded 4.12 percent advance to $0.2217 and the Bitcoin Cash augmented 7.54 percent to $286.10.   

Last year, the Bitcoin has shot up almost 92 percent, where it hit its highest level this year at $13,880 on BitStamp cryptocurrency exchange in June.

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