Bitcoin has just arrived at $16,000 and kept growing reaching $16,700 dollars. In the last 24 hours it has grown more than an incredible 27 percent. Its trading volume it is also impressive managing more than $16 billion dollars during the last day. The 60 most important cryptocurrencies by market capitalization together do not move more than 10 billion dollars’ volume.
Bitcoin $16,000 How Far Can It Go?
Since two days that Bitcoin price is growing at an unprecedented scale. It has passed from $12,000 up to $16,700 at the moment of writing this article. The cryptocurrency market in general is not growing as bitcoin. Indeed, the next important 15 cryptocurrencies are all operating down. IOTA, the star of the last days, after Bitcoin, has lost 14 percent in the last hours. Bitcoin Cash is losing 9 percent and Ethereum almost 4 percent.
We are experiencing an incredible price surge in Bitcoin because there is a lot of excitement behind Bitcoin futures. On December the 10th and the 15th, the CBOE and CME will offer bitcoin futures to their institutional clients. Once these investors will start to invest in Bitcoin, its price would skyrocket.
But we are not sure about what will happen after this day. The market may have already taken profit from the announcement and we can see a sell off in the coming days. Healthy markets tend to have corrections over time. Some enterprises and earlier investors may want to take some profits and search new positions in other cryptocurrencies.
If the market keeps growing, Bitcoin can reach a new all time high that would be near $20,000 dollars. But we must be careful. When Bitcoin reached $10,000 dollars, experts were waiting for a massive sell off that in the end didn’t occur.
CBOE and CME – Will They Crash or Push Bitcoin Up?
These days have been moved due to the fact that in the coming days we can see new investors in the cryptocurrency market. Nasdaq Inc has also decided to offer Bitcoin futures for its customers in 2018. Different hedge funds have been investing in Bitcoin and many more could start to do it.
“Given increasing client interest in the evolving cryptocurrency markets, we have decided to introduce a bitcoin futures contract. We have been working with the regulator. They understand our application. And they understand our model very, very well,” said Terry Duffy, CME Group CEO, in a statement.
In the last twelve months, Bitcoin has exponentially increased in price and interest. Coinbase and other platforms are processing incredible amounts of new users that want to start trading. As Mike Novogratz says, this may be the ‘biggest bubble of our lifetimes’.
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