Cryptocurrency value

Bitcoin Markets Push Cryptocurrency Value To $ 12,000 – Bitcoin News Market Updates

The price of bitcoin broke through the $ 12,000 zone on December 5, 2017, around 9:30 p.m. EDT, hitting a new all-time high this year. Decentralized currency has seen an increase in value far beyond 1100 percent in 2017 and has yet to slow down.

See also: How to buy Bitcoin when you are a miner

Bitcoin reaches $ 12,000 per BTC With a market capitalization of $ 200 billion

Over the past few days, the global bitcoin trading volume has been exponential, as every 24 hours around $ 5 billion to $ 9 billion BTC is traded daily. Two days ago, the cryptocurrency almost hit the $ 12,000 region as it averaged $ 11,800 on global stock exchanges. Today, the bulls have pushed the value even higher, breaking through another round number and entering new price territory. At the moment, the five most traded exchanges BTC include Bitfinex, Bithumb, Hitbtc, GDAX, and Binance. At $ 12,000 per token, the market cap of bitcoin now stands at $ 200 billion.

Technical indicators

Bitcoin charts are showing bullish sentiment today, but there is strong resistance above the new price point of view. Order books indicate that there will be thick sales orders towards the $ 12,500 range. Simple Moving Average (SMA) trendlines, both short (100) and long (200), have a very wide spread. For now, this indicates that buyers will likely try to keep the price higher or consolidate in the current region. Look for massive resistance between $ 12,250 and $ 12,500 beyond that is clearer skies. If bearish sentiment does manage to set in, order books show bases between the territories of $ 11,250 to $ 11,400. The Relative Strength Index (RSI) winds sideways indicating that traders are consolidating. However, the Stochastic Oscillator is heading south, indicating overbought conditions.

At the time of going to press, the price per BTC is on average about $ 12,050.

Futures, Futures, Futures… What will the Bitcoin derivatives markets bring?

Bitcoin Markets Push Cryptocurrency Value To $ 12,000Many speculators believe that market optimism is bolstered by the many bitcoin-based futures markets to come. For example, Cboe will start trading its bitcoin derivatives this weekend, and the following week, CME Group will offer its bitcoin futures contracts. In addition to the world’s two largest bitcoin exchanges, other financial institutions are on the way as well. Both Nasdaq and JP Morgan have revealed they will offer bitcoin derivatives, and the Tokyo Financial Exchange plans to supply BTC futures products to Japan also. In addition, the companies TD Ameritrade and Ally Invest could also offer bitcoin futures products to shorter-term clients. People believe these events will create additional demand for bitcoin as mainstream investors push the price to higher levels.

Cryptocurrency enthusiasts are obviously happy with the phenomenal performance of bitcoin and, as usual, most other alternative digital assets are benefiting from the rise of bitcoin. As mentioned above, many bitcoiners believe that “Wall Street’s entry” into bitcoin could push the price to even higher levels, ending the last month of the year on a high. However, some speculators believe that the futures markets can have a negative effect on the price within the daily spot markets. For now, bitcoin supporters are celebrating the $ 12,000 milestone because no one really knows what to expect in the future.

Where do you see the price of bitcoin from here? Let us know in the comments below.

Disclaimer: Articles on Bitcoin prices and market updates are intended for informational purposes only and should not be construed as trading advice. Or the author is also not responsible for any losses or gains, as the final decision to trade is made by the reader. Always remember that only those who have the private keys control “the money”.

Images via Shutterstock, Pixabay, and Bitstamp.

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Ally Invest, Bitcoin, BTC, cboe, CME Group, futures, Markets, N-Markets and prices, nasdaq, Price, TD Ameritrade, Tokyo Financial Exchange, Value, Wall Street

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