Following its slump of last week, Bitcoin has picked up its bullish trajectory as it recently surged past $15,000, setting an all-new record for the cryptocurrency.
The world’s most popular cryptocurrency, Bitcoin, recently set new records for itself as it broke the $15,000 barrier. The growth spurt followed only ten hours after the cryptocurrency reached $14,000 for the very first time in its history.
The historic event took place on Coinbase’s exchange at approximately 10 am GMT/UTC on Thursday, where prices traded at peak prices of $15,000.
However, cryptocurrency exchanges often demonstrate large discrepancies in its trading price for Bitcoin and other altcoins. Despite this, one of the industry’s most reputable monitors, CoinDesk, reported a Bitcoin price just slightly below the $15,000 mark. This price is derived by calculating the average of all leading crypto exchanges’ prices.
The total bitcoin market cap currently stands at over $256 billion, which renders it as one of the most lucrative stocks listed in the S&P 500.
The price has been very welcome in the crypto community, especially as the Bitcoin price experienced a price decrease of 20% just last week. However, the price seems to be recovering swiftly, as the price skyrocketed past $12,000 on Tuesday this week, before it continued its meteoric rise past $15,000.
It seems unbelievable to think that Bitcoin started the year by trading at just under $1,000. However, ever since the cryptocurrency has shown rapid growth, which in turn has attracted more investors than ever before. Traditional financial institutions, in particular, have taken note of Bitcoin’s exponential growth. Two of the world’s largest traditional investing platforms, Cboe Global Markets as well as its competitor, CME Group, have announced that they will launch Bitcoin Futures investing options on their respective platforms before the year’s close. The fact that these reputable firms have implemented Bitcoin, indicates a positive mind shift in the traditional economic landscape towards cryptocurrency.
Other exchanges have also noted interest in offering its users Bitcoin futures. According to Bartek Ringwelski, the COO of bitFlyer, ever since the platform’s launch the US, several institutional investors have indicated a strong interest in participating in the Bitcoin market. Ringwelski confirmed that the platform will be launching Bitcoin futures to accommodate institutional investors. The exchange headquartered in Tokyo is the largest in the world in terms of trading volume and recently received a license to expand its operations in New York.
Despite the cryptocurrency’s exponential growth, the industry still has its fair share of skeptics on Wall Street and in other prominent traditional financial institutions. CEO of JPMorgan & Chase, Jamie Dimon, famously denounced Bitcoin as fraudulent earlier this year. In addition, Michael Novogratz, the former hedge fund manager from Fortress, stated that Bitcoin will prove to be the largest investment bubble of the century.
