The price of bitcoin has reached the landmark milestone of $18,000 per BTC across global exchanges after having an incredible run during November and December of 2017. The decentralized currency’s price seems like it will close out with a bang as this year has been one of the most phenomenal growth cycles for bitcoin in years.
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Bitcoin Reaches an All-Time High of $18,000 Per BTC
At approximately 7:15 am EDT on December 16 the price of bitcoin barreled above the $18K zone. The price has climbed well over 1000 percent during the course of 2017, and has increased by $8,000 in the last two months. There hasn’t been an asset that has increased in value this much in decades, and most people believe there is nothing in the world quite like bitcoin markets. At $18,000 per BTC, the cryptocurrency now commands a hefty $300Bn market capitalization. Additionally, bitcoin markets have been surging swapping $12-17Bn in global volume every 24-hours for the past two weeks. The top five exchanges trading the most bitcoin today include Bitfinex, Bithumb, GDAX, Okex, and Bittrex.
Bitcoin Dominance Leads by 54 Percent, While the Yen Is Still Pushing the Market Northbound
Japan is still leading the way as the Japanese yen currently captures over 40 percent of the global market. The U.S. dollar has increased its global share quite a bit since the introduction of Cboe’s futures market by commanding 33 percent. The rest of the top five leading currencies trading the most bitcoin include the Korean won, the euro, and Tether (USDT). Additionally out of the 1,300 digital asset market capitalizations, bitcoin markets are dominating by 54 percent over the past 72 hours.
Futures and Predictions Bolster Spot Market Optimism
Bitcoin markets have been very active for the past few weeks but dipped 20 percent just last weekend. The price saw an uptick at precisely 6 pm EDT on December 10 when Cboe launched its futures markets. Derivative markets have been seeing contract predictions give spot markets a touch of optimism, as derivatives traders have forecasted prices around $18,650 for the first week of January. Additionally, this weekend the largest FX exchange worldwide, CME Group, plans to launch its futures products. Speculators believe these mainstream investment vehicles are injecting confidence into existing BTC spot markets and bitcoin economy.
Cryptocurrency Proponents Celebrate the Recent Price Highs
The cryptocurrency community is celebrating the $18K mark, and the price of bitcoin has pushed up many other digital assets as well. Although a few of the top five largest crypto-cap tokens reached new highs this week and have lost some gains today. Ethereum (ETH) had touched an all-time high a few days ago, and prices are now $705 per ETH. Bitcoin cash (BCH) is up over 6 percent after reaching a 24-hour top of $2,000 per BCH across exchanges. BCH now rests at $1,820 per token. Ripple (XRP) is at an all-time high leading the pack with 50 percent increase this week at $0.79 per XRP. Litecoin (LTC) has gained quite a bit this past week as the currency is hovering at $300 per LTC, and markets are up over 14 percent.
Overall bitcoin markets are on fire and traders are speculating higher BTC prices into 2018. The introduction of Cboe’s futures seems to have pushed optimism into bitcoin markets and the much larger options exchange CME Group’s bitcoin-based derivatives might give the price a nudge too.
Where do you see the price of bitcoin and other cryptocurrencies heading from here? Let us know in the comments below.
Disclaimer: Bitcoin price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
Images via Shutterstock, Cboe, Coinmarketcap and Pixabay.
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