The most popular and well-known cryptocurrency, Bitcoin, has been taking the headlines today due to the immense strength it has and surging to another high at $7,000. The bullish streak from the digital currency remains unbeaten and unchallenged despite having several other digital currencies claiming new popularity and following.
Looking at the whole performance Bitcoin has been having; we can conclude that it has been nothing short of amazing and spectacular, tallying a total of 640% increase this 2017 alone. The whole tremendous run was a good sign that most coin enthusiast and the market have been shrugging the “fork” news and bonanza.
Today, the company manage tackle another roadblock and effectively run it down; the digital coin managed to hit the lucrative $7,000. It has been a great time for coin enthusiast and the whole cryptocurrency community as the face of the whole movement continues to break expectations almost every month.
More Bitcoin Prices
On the most recent update from Coindesk, they tallied that the Bitcoin prices were rallying at an all-time high of $7,242.69 at earlier trading before easing to relative prices today. Looking at the surge today, the digital coin managed to create a massive 7% increase in its prices today.
The new surge created more opportunities and one thing that it manages to push positively, other than the upbeat prices, is the introduction of the Bitcoin futures contracts. One more thing that the new milestone opened is the increase in the total market value of the coin which is currently topped at $189 billion, another milestone for the cryptocurrency.
Bitcoin Futures Contract
Today, the cryptocurrency is looking to get commodify as it gets introduced to the futures contract. Just like gold futures, Bitcoin is looking to enter the same market all thanks to the CME Group. According to the Chicago Mercantile Exchange, the whole Bitcoin futures contracts are expected to be settled on and will be strongly based on the CME CF Bitcoin Reference Rate or the BRR.
According to the CEO of Cryptocurrency comparison website Crypto Compare, Charles Hayter, "This is bitcoin crossing the divide from the wild west of finance to the mainstream,"
Hayter also mentioned that "Futures from an incumbent exchange bring bitcoin and cryptocurrencies into the regulatory fold. This allows more complex financial products to be created and will eventually open the doors to institutional money."
The whole intention and cause that the Bitcoin futures contract can bring to the community and in the market are with the expansion of possible people and “institutional” investors into the cryptocurrency market, analysts have been pointing out that the drastic change and announcement have been helping lift the Bitcoin prices today.
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