Surprise, surprise–bitcoin has reached another all-time record–this time cracking well above the $7,000.
On Thursday (November 2), the digital currency reached its new record of $7,351.46 at roughly 7:15 a.m EST, according to Coindesk, rising roughly seven percent since the open.
Bitcoin’s latest price surge bumps the market cap for all cryptocurrencies to over $190 billion, data from Coin Market Cap shows. Bitcoin’s market cap accounts for most of that total at $118 billion.
Earlier this week, the Investing News Network reported that the CME Group announced its plans to introduce bitcoin futures contracts, which is believed to be continuing fuelling bitcoin’s rising price. As noted in the press release, the launch is expected to take place in Q4 of 2017.
As reported by CNBC on Thursday, Charles Hayter, CEO of Crypto Compare, told the organization that CME’s announcement is “bitcoin crossing the divide from the wild west of finance to the mainstream.”
“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,” Hayter said.
Looking ahead, analysts at Bitcoin Magazine said that in order for bitcoin’s price increase to “remain viable,” it will need to continue “on a very aggressive, parabolic growth path that has the immediate upper resistance at between $8,000-$9,000.” The “lower support” for bitcoin is $5,800, the publication states.
“If bitcoin breaks the upper, parabolic resistance trend and manages to find support on the trendline, this could signal an entirely new bull market. However, if bitcoin breaks the lower support, this would send a very, very bearish signal to traders, indicating a breakdown of the 2-year long bull market,” Bitcoin Magazine writes.
Unsurprisingly, bitcoin stepped back again on Thursday–but not by much. As of 6:15 p.m. EST, bitcoin remained above the $7,000 mark at $7,060.64.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.
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