Bitcoin Slowly Inching Higher

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Bitcoin is slowly inching higher. In today’s session we advanced by 53 cents, from $242.97 to $243.50. We are currently quoted at $243.30 dollars per coin. Along with today BTC has now strung together three winning days in a row. But the gains are small, 42 cents on October 9th, $1.43 on October 10th and $0.53 today.


Around mid-day bitcoin tried to break higher, trading as high as $245.04 at one point. But as we can see on the chart above the gains stopped there and in the last few hours BTC/USD fell back down to the $243 handle.

Prices are trading somewhat stronger on other exchanges however. On OKCoin (USD) we are quoted at $247.77. Most other USD exchanges are around $247 dollars as well. The Chinese sites are closer to $249 dollars (1,589 Yuan). You can find live quotes for most major exchanges HERE.

Futures on OKCoin are trading around $1-$1.5 dollars above spot, with the exception of the longer-dated December 25th issue. This contract is quoting $254.82 dollars right now, over $7 dollars above the spot USD exchange and $6 dollars above the Bitcoin Futures Index. This Index is used for the futures settlement price. Considering that we haven’t broken out yet, this $6 dollars premium seems a bit high. But then again, the market may be right in pricing in more gains.

We’ll find out in the next few days. If BTC/USD fails to break above $250, the longer-dated contract will be susceptible to the largest losses. On the other hand if we have a major rally, this $6 dollar premium will likely increase further. During the previous major rally we saw the longer-dated futures contract briefly trade at a $50 dollars premium over spot.

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