Market Overview

Bitcoin Storms Through $12000 Mark And Beyond, What's Next?


Bitcoin, (BTC/USD) the world’s most dominant cryptocurrency, prolongs its week-long relentless rise and prints yet another record high beyond $ 12,500 mark, as the demand for the digital currency remains unabated, despite the fears that the rally could be overdone.

Also, the spot shrugs off markets’ concerns over its real value, as it continues to derive support, after Friday’s announcement by the CME Group and CBOE Global Markets that they would allow listing Bitcoin futures contracts.

Leonhard Weese, president of the Bitcoin Association of Hong Kong, noted: “There is a lot of money flowing into Bitcoin right now, mostly motivated by “fear of missing out“ and greed.” 

The total market capitalization of the cryptocurrencies sits at $ 377.71 billion, with Bitcoin’s accounting for almost 60 percent ($ 217.34) of the overall market cap, followed by its rival, Ethereum, which sits at $ 43.70 billion. At the time of writing, Bitcoin trades at record highs of $ 12,585.0, up 8.40 percent on the day, while Ethereum drops -2.10 percent to $ 440.93 levels.

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

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