The launch of CBOE’s futures made the Bitcoin price skyrocket to another all-time high of over $17,700. However, a couple of hours later we have seen a pullback. The price of BTC at the time of writing is $16,964.
Perhaps the pullback was caused by the fact that the second day of trading at CBOE showed a significant decline as compared to Day 1. CBOE processed more than $50 million worth of contracts on its first full day. However, later on, the exchange had processed fewer than 1,000 contracts — worth approximately $17 million.
Despite that, the market is still optimistic. After all, there’s CME’s futures launch still ahead of us on December 18th. Most experts believe BTC will proceed even higher, however, this time not resembling a rollercoaster.
“One week in Bitcoin can feel like one year in almost any other trading market as trading goes on 24/7 news and money never sleep. Bitcoin opened up seven days ago at $11,589 and as of December 13th is sitting at $16,964. Futures trading on the CBOE started at 6 PM EST on 12/10/17 causing trading to be halted two times in its first day.
Bitcoin dominance is now sitting at almost 63%. Sideline money and bearish altcoins continue to flow money into this market. Bitcoin the most well-known currency has the largest network effect (a phenomenon whereby a product or service gains additional value as more people use it). The market cap is approaching $280 billion. The chart looks great with volume on the move up last week with resistance now at $19,697 (Coinbase exchange). First level of support sits at $13,798 and the next level below would see prices in the $11,532 range Calling a top would be foolish. Until the trend and market sentiment change, I expect the price to continue marching upward.”
Moe Levin, Chief Executive Officer (CEO) of Keynote Events, a visionary entrepreneur and futurist interested in the growth and future of the greatest innovation since the internet, stated to Coinidol:
“As far as I can tell, nothing has changed. The fundamentals remain the same. Bitcoin and Blockchain technology remain superior to the existing systems, and the world is taking notice. The price increase is essentially the time delay shortening between how revolutionary the technology is and how many people know about it.”
Mark Jeffrey, Founder & CEO at Guardian Circle & Guardium added:
“In my 2015 book, The Case For Bitcoin, I laid out a scenario where Bitcoin would be worth $500K per coin within five years. I still believe that - so I am not surprised at all by the rising price. It is inevitable that it will go even higher - much, much higher. It is simply the best 'store of value' the world has ever seen, and more people are understanding that.”