Bitfinex has reported that Bitcoin’s price has surged to a new high this year (28472 USDT) due to an influx of spot purchases, as well as the US Federal Reserve’s renewed financial stability measures.
The number of non-zero balance wallet addresses has also increased to nearly 45 million, with the exponential moving average of new addresses continuing to rise.
In the perpetual futures market for Bitcoin, the funding rate has remained largely unchanged, indicating that the trading volume of derivatives has remained at normal levels during the price surge. Spot purchases are currently supporting the market trend.
The supply of Ethereumis also decreasing at an increasingly rapid rate. If demand for Ethereum continues to grow, this will further increase gas fees and ultimately accelerate its deflationary speed, which is bullish for Ethereum investors.
Bitfinex has recently published an article detailing these developments, emphasizing the importance of maintaining normal derivatives trading volume during periods of price surges.
The exchange believes that the stability of the derivatives market is crucial for ensuring a healthy cryptocurrency market overall.
As the cryptocurrency market continues to evolve, Bitfinex is committed to providing its users with the tools and resources they need to make informed investment decisions.