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Home / Business / Bitcoin stages parabolic jumps to nearly $ 14,000, and has increased 320% since December when euphoria sets in – again

Bitcoin stages parabolic jumps to nearly $ 14,000, and has increased 320% since December when euphoria sets in – again



A crypto winter for digital assets has given way to a white hot summer.

World No. 1 cryptocurrency increased to its highest level in around 17 months Wednesday, and expanded its rally to nearly 60% in June so far.

At today's peak, bitcoin futures

BTCM19, + 12.83%

hit an intraday high at CME Group Inc.

CME, -3.1

7%

at $ 13,680, and is not far from that level now at $ 13,330 in afternoon action, according to FactSet data.

Bitcoin prices

BTCUSD, -2.67%

on CoinDesk also increased, near $ 13,272.

Gains for bitcoin, the digital coin created back in 2009, has taken its market value, the sum of all bitcoins in circulation to $ 237 billion. Wednesday's rally means that bitcoins value now represents 62.6% of all digital currencies tracked by datasite CoinMarketCap.com. At the top of December 16, 2017, bitcoin's market value was $ 326.5 billion.

It is unclear what has driven the bitcoins price lately, but after the values ​​reached a December nadir of $ 3 194.96, assets have recovered and climbed 319%.

Some market participants point to increased investment volume in bitcoin, reflecting more appetite for cryptographic assets, as institutional investors, including traditional companies, have launched crypto-related businesses.

Michael Moro, CEO of digital currency trading platform Genesis Global Trading, said "volumes are 2x to 3x higher than where we were 12 months ago," in email comments.

"Although this volume increase has come from increased activity among our regular hedge fund and family office buyer bases, an interesting new buyer group has emerged for us – endowments of private schools. This new group helps to highlight how Bitcoin and cryptographic adoption spread , "he said.

Facebook Inc.s

FB, -0.62%

proposed The Libra coin will use blockchain, the digital leader technology that supports cryptocurrencies such as bitcoin, to create a digital currency such as the social media giant and its dozens of backers, including Uber Technologies Inc.

UBER, -1.37%

Visa Inc.

V, -0.13%

Mastercard Inc.

MA, + 0.60%

and PayPal Holdings Inc.

PYPL, -0.25%

The hope will develop into a global payment system.

The movement has been widely seen as an implicit approval of the blockchain technology and, to a lesser extent, crypto-assets, which were first digitally developed more than a decade ago when a person or people known as Satoshi Nakamoto assumed the first Bitcoin.

However, the strong rally has caused some crypto experts to call for beginners' warning.

Jeff Dorman, Chief Investment Officer of Crypto Investment Management Company Arca, told MarketWatch that bitcoin's parabolic increase in June suggests that assets are now "overbought, and due to falls, flashing red".

"We are looking at a number of indicators, and they are all over [signaling] overbought," Dorman said.

Last week, Fundrats Thomas Lee, a popular crypto, said that he thought ripening higher for bitcoin was due to investor "FOMO" or fear of missing out. He predicts that prices will eventually hit $ 40,000. To be sure, Lee made a number of bitcoin error forecasts in 2018.

To date, bitcoin futures have increased 270% and bitcoin assets have also jumped.

Grayscale Investments, a subsidiary of Digital Currency Group, which manages Grayscale Bitcoin Trust

GBTC, + 14.78%

a popular way to bet on bitcoin, is up 325% in the first half of 2019.

By comparison, the Dow Jones Industrial Average

DJIA, -0.04%

has climbed 14% so far this year, the S&P 500 index

SPX, -0.12%

increased 16.5% while Nasdaq Composite Index

COMP, + 0.32%

has returned 19.3% so far in 2019, according to FactSet data from Wednesday afternoon trading.

Check out : & # 39; If you're not a billionaire in 10 years, it's your own fault, says 20-year-old bitcoin tycoon


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