On December 11, just after 8 pm UTC, Bitcoin set new records as it skyrocketed well over the $17,000 price level on Bitfinex. This latest high is another one for the cryptocurrency’s record books and is indicative of a growth rate of over 1100% in the last year alone. The newest growth surge shows no intention of slowing down anytime soon. During the last few days, global Bitcoin trading volumes have also hit all-time highs.
Earlier today the market was driven up even higher as Bitcoin finally peaked past $17,000 for the first time in its history. Currently, the trading exchanges who are contributing the most towards the daily trading volumes include Bitfinex, GDAX, and Bithumb. Since its price surge, the current Bitcoin market cap stands at $289+ billion.
Experts and investors alike have pointed to the implementation of Bitcoin futures on markets such as Cboe and CME Group as being a primary cause for Bitcoin’s exponential growth. Two other major exchange platforms, Nasdaq and JP Morgan & Chase, have indicated their interest in offering their clients Bitcoin futures as well.
These are not the only traditional firms to embrace the possibilities of cryptocurrency. The Japan-based Tokyo Financial Exchange has confirmed that they will offer clients Bitcoin Futures. Other companies flirting with the prospect include TD Ameritrade and Ally Invest. According to experts, once more traditional firms start offering Bitcoin futures, the demand is likely to go up, which in turn will drive the price up to new record-setting heights.
The crypto community has been thrilled for most of 2017, not only because of Bitcoin’s exponential growth but also because of the growth demonstrated by the majority of other cryptocurrencies. As Wall Street and other traditional financial institutions readily more accept Bitcoin, the price continues to skyrocket.
While some critics noted that Bitcoin futures might perhaps have a negative impact on the overall market in the future, the majority of the crypto community has been celebrating the record-breaking year for the cryptocurrency, a trend that so far seems likely to continue for the foreseeable future.