Bitcoin has been growing in the last weeks exponentially. Before the CME bitcoin futures launch, is price lost $5,000 dollars in three days. Now it has reached new all time highs when it arrived at $19,000 in exchanges like GDAX. At the moment of writing this article, the markets are not following any specific trend. Some currencies are operating negative, like Litecoin (-3,69%), Ripple (-4,93%) or IOTA (-6,69%).
Bitcoin New All Time High $19,000
As we approach to the end of 2017, Bitcoin leaves us with an incredible year behind. The currency climbed from $950 in January up to $19,000 now. This one was one of the best years for Bitcoin during all its history, if not the best. The famous cryptocurrency has lived a similar bullish market in 2013. After it, the currency lost 80 percent of its value and its price stabilized for a long period of time.
In the last two months, Bitcoin has crossed every single record as possible. It has passed through the resistance level of $10,000 and then kept its upward trend. In the long term, Bitcoin is expected to keep growing as well as in the middle term.
The markets are waiting for the Chicago Mercantile Exchange (CME) bitcoin futures launch. The last Sunday, the Chicago Board Exchange started to offer Bitcoin futures to its investors. Since it happened Bitcoin price reduced its volatility. Bitcoin futures and mainstream investors are giving legitimacy to the cryptocurrency market. They are taking Bitcoin seriously and considering it a possible investment.
What Can We Expect?
Bitcoin price has been pushed up by the Japanese Yen and the Dollar (that has increased its presence). 75 percent of the Bitcoin volume can be explained by these two currencies. The South Korean Won and the Euro account for 12 percent volume. Bitfinex and Coinbase are the two cryptocurrency exchanges that managed 58 percent of the total trading volume.
Coinbase has received an important support the last weeks. There are days in which Coinbase receives more than 150,000 new users. It has also been the most downloaded application in the app store.
In the short term, experts do not have a clear view of what can happen with the Bitcoin price. The CME is worrying some investors while others are waiting to see if the coming money will push the price up.
If the trend that has started since the CBOE announcement is potentiated by the CME, then the price could reach $24,000 before 2018. If we see a price correction, then, we can expect a price stabilization between $14,000 and the present price.
Image Courtesy of Pixabay
- Cointipping and Why It’s on Its Way Out - Nov 7, 2019
- Bithoven Exchange Announces New Margin Trading Services For Users After Several Requests - Jul 11, 2019
- Binance Exchange Launches a New Fiat Crypto Exchange Called Binance Jersey - Jan 17, 2019
- VISA Acquires Ripple’s Partner Earthport After Closing a £198 Million Deal - Dec 29, 2018
- Report Says Cryptos Could Soon be Legalized in India - Dec 28, 2018
Know more than others on any Blockchain Party!
Join more than 5000 others to receive the breaking news and weekly summaries! No ICO spam, we promise.
You have Successfully Subscribed!
Tags:1900019k2000020kBitcoin $19000bitcoin priceBitcoin RecordBitcoin ValueBTCCryptocurrencyETHLTCMarketsRecord