Bitcoin Price Breaks $7000, Posting a New Record High

03 November, 2017, 01:09 | Author: Franklin Nunez
  • Bitcoin tops £5000 in value

The latest surge in bitcoin, which has now risen in value by an incredible 800% in the last 12 months seems to have been driven by the news on Tuesday that the CME Group, the world's largest derivative exchange operator, intends to launch bitcoin futures trading in the fourth quarter of the year. The popular cryptocurrency managed to hit a new record price of $6915 and a market cap valuation of over $115 billion at the time of writing. CME Group's introduction of bitcoin future contracts could bring more institutional investors into the arena.

There are three plausible scenarios, though only one leads to bitcoin becoming more mainstream.

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Previously, on 29 October, just over a week after pushing past the $6,000-mark for the first time, the world's first cryptocurrency rose to a high of $6,306.58 on the CoinDesk Bitcoin Price Index at 20:30 UTC. One more thing that the new milestone opened is the increase in the total market value of the coin which is now topped at $189 billion, another milestone for the cryptocurrency. According to the Chicago Mercantile Exchange, the whole Bitcoin futures contracts are expected to be settled on and will be strongly based on the CME CF Bitcoin Reference Rate or the BRR.

Another reason that could explain the market's overwhelming appetite for Bitcoin could be the upcoming update for the software that supports the trading operations for the cryptocurrency.

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We've been working with the regulator. That, however, is not stopping many from speculating where they believe the currency will be.

According to Kay van Petersen, a Saxo Bank analyst, in the next decade, each unit of bitcoin will be worth $100,000.

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These are just a few and widely varying, examples of where the bitcoin's value could head to in the next decade. "However, if bitcoin breaks the lower support, this would send a very, very bearish signal to traders, indicating a breakdown of the 2-year long bull market", Bitcoin Magazine writes.

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