We all knew that Bitcoin was having quite a year to date, but the way it smashed through the $7,000 barrier on Thursday 2nd November 2017 was just amazing. Already setting a new record high in previous days after moving past the $6,000 mark, the premier cryptocurrency is rewarding any investors who got on board early.
An unreal five-day surge
Although Bitcoin has had a pretty special year to date (you could pick it up around the $800 mark in January 2017), the way it has risen sharply over the last five days is really something. Beginning at around the $5,750 mark on October 28th 2017, it has marched upwards at a rapid pace to its current level. This only seems to confirm Bitcoin’s apparent integration into the mainstream and many see this trend continuing for the foreseeable future.
CME Group gave Bitcoin a big push
One of the key factors many believe is behind the recent rise of Bitcoin to the $7,000 mark is its apparent endorsement by CME Group. This group is the biggest futures and options exchange on the planet and has just announced it plans to start trading in Bitcoin futures by the end of 2017. This news has led many to feel that Bitcoin has unofficially become recognised by the mainstream financial world as a legitimate currency.
Sky is the limit for Bitcoin
With its form to date in 2017 and the apparent acceptance by Wall Street, it would appear that Bitcoin is a currency that will continue to do well. If the funds that enter other markets on Wall Street were to find their way into the Bitcoin market this would also give it a real boost upwards. The other bonus for the whole cryptocurrency market is that, as Bitcoin blazes a trail to mainstream respectability, others like Ethereum can surely follow.