Bitcoin Hit New All time highs

The most popular cryptocurrency, Bitcoin (BTC) has begun to discover its new all-time highs, moving above $63,000 for the first time in its history.

The run in the price of is remarkably being fueled by two core fundamental events which include the upcoming public listing of exchange, as well as the growing list of firms pressing on the for an product.

Before hitting its new today, was consolidating over the last month, while have hit fresh yearly highs. “This is healthy consolidation for given that we have already hit close to 100% YTD return on and the market needed to take a pause,” Pankaj Balani, CEO and Co-founder of Delta Exchange, a derivatives exchange, said in an emailed comment. This year, there have been no less than six significant events in the sector that, together, have strengthened the upward trend in price.

He added that is trending higher and heading towards its of 100,000, while it is also gaining much more traction amongst the mainstream investors. “With CME launching bitcoin futures, mainstream investors are able to trade in bitcoin on the world’s largest futures exchange. Further, with Bitcoin futures, the market participants are able to hedge risk as they can offset profits and losses, as well as hedge their exposure to digital currency,” Balani said.

The is set to launch a futures product on December 18, which will be the first of its kind. The price of bitcoin has risen over 470% this year and over 3,000% in the last five years. The cap is currently above $300 billion.

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