The bitcoin price has surged by more than 20 percent overnight, triggered by the launch of the Chicago Board Options Exchange (CBOE) bitcoin futures trading platform.
The bitcoin price has surpassed $17,000 in South Korea, peaking to $17,500 earlier today, on December 7.
Earlier today, on December 6, the bitcoin price achieved a new all-time high at $12,278, within 24 hours since achieving its previous all-time high at $12,000.
Earlier today, on December 3, the bitcoin price achieved a new all-time high at $11,874, for the third time this week, after its full recovery from the previous major price correction.
Over the past week, Nobel laureates Joseph Stiglitz and Robert J.
The bitcoin price has fully recovered from its most recent major correction in which it fell from $11,441 to $8,800.
After surging to $11,441, establishing a new all-time high for the third time this week, the bitcoin price has declined to $9,200.
On November 29, CCN reported that the price of bitcoin surged from around $10,000 to $10,884, recording an $800 daily increase in value.
Yesterday, on November 30, the bitcoin price dipped below $9,100, dropping to $9,000 at one point, as a massive sell-off occurred on Bitfinex, the world’s largest cryptocurrency exchange by trading volume.
Within hours, the price of bitcoin recovered back to $10,200, surging by more than $1,200.
The bitcoin price has achieved a new all-time high once again this week at $10,884. The market valuation of bitcoin has surpassed $180 billion, securing a market valuation that is higher than most major financial institutions.
Factors of Bitcoin Price Increase
Initially, optimism surrounding tens of billions of dollars in institutional money being moved into the bitcoin market triggered investors within the cryptocurrency and traditional finance markets to invest in bitcoin.
In an interview with Fox Businesses in 2014, billionaire investor Tim Draper predicted the bitcoin price to surpass $10,000 in three years. At the time of reporting, the bitcoin price is at $9,650, and is en route of reaching $10,000 by the end of 2017.
Basis of Draper’s Prediction
Since 2014, Draper has been one of the most active investors in the cryptocurrency market, alongside Barry Silbert of Digital Currency Group.
Dan Bilzerian, the popular social media celebrity and professional poker player, has a diversified portfolio of cryptocurrencies, with funds evenly spread out amongst the most valuable digital currencies in the market.
“For everyone asking, i have 50% Bitcoin, 25% ETH, 15% Monero and 10% Bitcoin Cash,” said Bilzerian.
Merits of a Diversified Portfolio of Cryptocurrencies
As bitcoin and security expert Andreas Antonopoulos explained, it is favorable to maintain a diversified portfolio of cryptocurrencies rather than allocating all of the capital into a single digital asset for risk minimization.
The bitcoin price has achieved a new all-time high on November 26 at $9,060, moving closer to the $10,000 region.
$10,000 Interim Target of Prominent Analysts Realistic
Earlier this year, highly regarded investors and financial analysts including RT’s Max Keiser and billionaire hedge investor Mike Novogratz established the interim price target of bitcoin at $10,000.
The Ethereum price achieved $483 for the first time in history, moving closer to the $500 mark. Billionaire investor Mike Novogratz expects the price of Ether to surge throughout 2017.
Optimism Around Development
The Ethereum network remains as the only public blockchain that process more transactions than the Bitcoin network on a daily basis.
The bitcoin price has achieved a new all-time high for the second time this week at $8,668, with strong momentum led by Japan and South Korea.
Over the past few days, the two largest bitcoin markets demonstrated trades with significantly high premiums.
The global average bitcoin price has surpassed $8,300 earlier today, on November 24, as the South Korean market demonstrated trades with a premium rate of around 5 percent.
Since then, the price of bitcoin has fallen to $8,150, experiencing a slight correction.
As CCN reported today, the bitcoin price achieved a new all-time high at $8,380. Analysts including Bitfury vice chairman George Kikvadze stated that all indicators point towards strong short and mid-term momentum for bitcoin.
“Buying even more bitcoin at $8000.
Since November 20, the bitcoin price has increased from $7,700 to $8,315, stabilizing in the $8,200 region throughout much of Tuesday’s trading before surging to a new all-time high of $8,380. Analysts expect bitcoin to initiate new rallies in the short-term, given the market’s confidence in bitcoin’s short and mid-term growth.
Tether Leads to Brief Bitcoin Price Dip
Earlier today, as CCN reported, Tether Treasury wallet experienced a major security breach, leading to the loss of nearly $31 million.
The bitcoin price has surpassed $7,500 today, on November 16, achieving $7,558 at its peak, as the market continues to demonstrate optimism around the rapid rate of adoption by leading financial platforms.
$15 Billion App Square’s Integration of Bitcoin
Earlier this week, Square, the $15 billion payments app development firm operated by CEO Jack Dorsey, the founder and CEO at Twitter, surprised its users with the integration of a bitcoin brokerage feature on its mobile app used by more than 3 million active users.
Earlier today, the bitcoin price soared to over $6,830, achieving $6,905 at its peak, triggered by the increasing adoption of high profile investment firms and payment services providers.
Institutional Investors and Wall Street Are Ready to Invest in Bitcoin
This week, $95 billion hedge fund Man Group, announced that the company will invest in bitcoin and add the cryptocurrency to its diversified portfolio upon the launch of a bitcoin futures exchange by CME Group, the largest options exchange in the world.
The bitcoin price has increased to over $6,550, after dipping below $5,600 on November 12. Analysts have attributed the recent increase in the price of bitcoin to CME Group’s confirmed launch of its bitcoin futures exchange by the second week of December.
Regulated Bitcoin Futures Exchange by December
Over the past two months, several high profile investors including billionaire hedge fund legend Mike Novogratz emphasized that a rapidly growing number of institutional and retail investors are preparing to engage in bitcoin and invest in the market.