Bitcoin's price increases to around $16,300 in 24 hours
Once again, the price of bitcoin has grown. The cryptocurrency has managed to reach the price of $16,000. In fact, it increased with about 20% in the last 24 hours, from $13,400 to $16,300.
One of the main reasons for this growth is given by the launch made by the Chicago Board Options Exchange (CBOE). Before the launch, many analysts claimed that the bitcoin futures release will not positively impact the cryptocurrency's price. However, it is clear that the listing of bitcoin futures by the CBOE has been an important factor in the recent bitcoin price increase.
Bitcoin will reach $50,000 by the end of 2018
Considering this evolution, some analysts have claimed that bitcoin will most likely surpass $50,000 by the end of 2018. Greg Dwyer, the business development head of BitMEX, a cryptocurrency exchange, stated that:
“Now, looking at the current market cap of bitcoin as going to $300 billion, with more institutional money coming in we could see market caps go up to $500 billion, which could — or even $1 trillion — which could increase the price of bitcoin from now $15,000 up to $20,000, $25,000, or even $50,000.”
Dwyer also stated that the release of bitcoin futures will most likely also stabilize the bitcoin market. However, he is not the only one who believes that the price of bitcoin will be around $50,000 at the end of 2018. Jehan Chu, the managing partner of Kenetic Capital, said according to Bloomberg:
“I think we’re going to see $50,000 by the end of 2018 for bitcoin. I think with the one-two punch with the Cboe and CME I think the entire world is on watch now for what is to come and what the real liquidity that can enter this market will actually look like.”
However, others were more optimistic about what the future will bring for bitcoin. Some analysts previously claimed that bitcoin will reach $40,000 by the end of this year. It is yet to see if these predictions will be coming true, but for the moment, the price of bitcoin keeps on growing.
