Bitcoin reaches new high of $9500; More to Come
Bitcoin is past the $9,500 mark as of today according to CoinMarketCap only about a day after hitting $9000 for the first time Sunday morning at 06:40 UTC. It is now trading at $9,675 as of this writing.
That is an increase of more than 16.27 percent over the last seven days. The increase has led to increased combined market value for all cryptocurrencies, which now stands at $302 billion.
Bitcoin now has a trading volume of over $5 billion against the total of about $12 for all cryptocurrencies, meaning it commands about 53 percent of the volume.
The increase of over $3000 also come before major changes expected in the system including upcoming CME futures trading expected to launch on December 11th in addition to upcoming Europe’s first Bitcoin mutual fund by Tobam, CBOE bitcoin futures contract, and Galaxy Digital Assets Fund among others.
Many say the funds and contracts will see prices shoot up, which is likely if they achieve the intention of bringing more institutional investors in the crypto world.
Other cryptocurrencies have also shown improvements in the previous week with Bitcoin Cash now trading by over $1700 and Ethereum reaching new heights of over $481 as of this writing.