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Uphold FxWirePro’s Long Hedges (BTCG2020) As Bitcoin Most Likely To Carry Upside Risks
It has been a solid start for bitcoin enthusiasts so far. Of late, the price of bitcoin (BTCUSD) in many exchanges coupled with fundamentally constructive news has been rising constantly.
The pair has gained almost shy more than 31% in this month (January’2020), currently surged to $9,388 levels. Thereby, the market capital of bitcoin has risen to 171.30 bln (while articulating) which is more than 60% of overall cryptocurrency market.
While its peers ethereum (ETH) was last trading at $182.13 on Coinbase, up 8.83% on weekly basis and ripple (XRP) has climbed to $0.2420 on Coinbase, a gain of 4.85%.
The pioneer cryptocurrency (BTC) has bounced from $3,188 to $13,880 in H1, paired gains in the H2'2019. But bulls have resumed again and are on the verge of hitting $10k mark.
We had foreseen bullish rout a month ago and advocated long hedges accordingly. For now, more upside price risks are on the cards.
Hence, we wish to uphold FxWirePro’s long hedges for bitcoin price via ‘BTCG2020’ (i.e. CME BTC futures of February deliveries).