Bitcoin has hit $20,000, just barely a month after achieving five figures for the first time. It has been a volatile year for Bitcoin, mixing rapid surges and sudden declines, momentum finally boosted Bitcoin to its new historic high. The most recent push comes right after Bitcoin was accepted and released and traded on CME.
Chicago Mercantile Exchange (CME), the world’s largest futures exchange, launched its own bitcoin futures contract Sunday under the name BTC. The sale price for its Jan. 18 contracts opened above $20,000, looking to be favored as a buyer’s market. More than 200 Jan. 2018 contracts were bought during the first hour, CME data reveals, as well as several contracts for Feb.18 and Mar.18.
The near future is also looking like rapid growth as multiple products aimed at institutional investors are coming into fruition. The addition of Bitcoin futures to CME has also prompted other institutional giants including Nasdaq and Wall Street’s Cantor Fitzgerald are expected to launch products around bitcoin in 2018. Many see the launch of bitcoin futures as a step towards establishing the digital currency as a legitimate asset class.
Markets reacted to rising prices with a snowball effect, triggering mass consumer interest in both buying and trading the virtual currency. Over the last few weeks, the Coinbase app has been at the top of Apple’s “most downloaded apps” several times, even coming on top of Instagram. All though talks of a bubble keep growing stronger and stronger, it does not appear the price or popularity and adaption of Bitcoin will slow down any time soon.