The oldest cryptocurrency saw its first major peak in a while, which lasted for a short time.
Bitcoin price fluctuated within the range of $46.000 and $48,000 in the weekend after crypto witching day ended on Friday, 31st of December 2021. Consequently, it resulted in the expiration of approximately $8.67 billion worth of BTC and Ethereum options contracts.
As the oldest cryptocurrency, Bitcoin had a higher market cap value for the majority of the time, as well as the better rates of exchange in contrast to the next big competition, Ethereum and Binance Coin. Over the weekend, we saw a small but not insignificant price recovery which peaked at $47,961.0, on Saturday, 1 January 2022, before it fell into red again on Sunday, January the 2nd. We also observed a decline in its general spot trading volume across major centralized exchanges, which hints towards strong market activities being unsupportive of the price moves.
As was the case on the last day of 2021, there was an expiration of roughly 115,000 Bitcoin options contracts, which summed up to a total notional value of $8.67 billion, when added to the expiration of approximately 882,000 Ethereum options contracts. Post completion of this settlement, the bitcoin price rose sharply to $48,000 on several exchanges.
This was the latest major price recovery seen by bitcoin in a while. Previously, it had hit its highest recorded value of $66,000 on 20 October 2021. We shall see what’s next for the crypto coin in the coming months.