Bitcoin on the brink of $20,000

Bitcoin has rallied to a new high, soaring to $19,783.06 early Sunday. Currently, according to CoinMarketCap website, it is trading at $18,948 with the market cap of $317 billion for the largest crypto currency.

 

The value of one Bitcoin (BTC) reached a new record high on Sunday but dropped back below $19,000 the same day. As of this writing, Bitcoin’s price has depreciated by 2.23 percent in last 24 hours. However, the digital currency is up nearly 1,800 since January 1, when a single Bitcoin was trading at around $1,000.

 

The surge of Bitcoin continues, thanks to the expected activation of a Bitcoin futures product from CME Group. Other than Bitcoin, most of the crypto currencies continued to hold their value in the last two days, with Ethereum (ETH), Bitcoin Cash (BCH), and Ripple (XRP) staying firm at second, third and fourth positions.

 

Among other notable movers were Cardano and IOTA. Cardano has registered significant gains in the recent time. It is being dubbed as the “Ethereum of Japan,” as it incorporates Ethereum’s smart contracts features in addition to privacy protection.

 

Despite the gains, there remain questions of the tenuous bubble. The majority of economists are of the opinion that the price surge in the crypto market is driven by speculation and in all likeliness, it could swing either way.

 

Earlier, Chicago Mercantile Exchange (CME), the world’s largest futures exchange, launched its own Bitcoin futures contract on Sunday. The launch of the CME Bitcoin futures, under the ticker “BTC”, comes after a week of the first Bitcoin futures launch at the Cboe Futures Exchange.

 

The Cboe’s Bitcoin futures contract had a good first week of trading, although the volume was not as per the expectations. The most popular futures contract, which expires in January, gained 17.1 percent in the first week of trading to reach $18,105 on Friday.

 

 

Similar read: Bitcoin: What’s ahead for 2018?

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