Bitcoin blows past $12,000 on the wings of futures approval
Bitcoin continues to make history. On Wednesday morning the leading cryptocurrency surged past the 12,000 mark for the first time.
The reason: the ever-swelling demand was pushed further by the news that the main US derivatives regulator would allow major financial operators to sell Bitcoin futures contracts.
Bitcoin is still polarizing opinions. While some believe firmly in its decentralized structure and the security of blockchain, numerous experts slate Bitcoin and warn of an imminent bubble burst.
For now, general optimism seems to prevail. Although Bitcoin saw a few setbacks, it has grown more than 1,200% in 2017. For comparison, this dwarfs major US indices like the S&P 500 and Dow Jones, which are up less than 20% in what many consider to be a very strong year for the stock markets.
In a recent interview, financial expert and author James Altucher shared his expectations that Bitcoin will hit $1,000,000 as soon as 2020. And earlier this year, Jeremy Liew, known as the first investor in Snapchat, explained why he thinks that Bitcoin will reach $500,000 by 2030. Curious fact: when Liew expressed his opinion in the beginning of May, the leading cryptocurrency was trading for the “puny” $1,200.
Bitcoin is the leader on the cryptocurrency market, followed by Ethereum and Bitcoin Cash. The Ether has been occupying the second place for a while now, since it started enjoying an increased interest in its blockchain platform this year. Bitcoin Cash is the little brother of Bitcoin – it appeared after the so-called “hard fork” in late July, where a major split happened in the infrastructure of Bitcoin’s blockchain.
As of now, one Ether trades for $452, and Bitcoin Cash can be purchased for $1,472. The Ether has risen more than 5,000% from the beginning of the year, when it was trading for just $8.
The overall cryptocurrency market cap reached $375 bn, ironically surpassing the capitalization of JP Morgan, whose CEO Jamie Dimon is one of the most vocal critics of Bitcoin.
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