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Fork and Futures: $7000 for a Bitcoin

What happened

Bitcoin surged to over $7000 today, smashing its all-time high records. With a record high at $7335, the growth since Monday is over 20%.

Why did it happen

Yesterday, the CME Group (the world’s largest options exchange) announced they will begin trading in Bitcoin futures by the end of 2017. That move might make Bitcoin legit in mainstream finance.
Talks around SegWit2x – the upcoming fork in the Bitcoin network – might also add up.

Did it affect other crypto currencies?

Looks like altcoins are having their worst day in months, and ethers are down too, as trading focuses on Bitcoin and forks.

What can we learn from it

  • Cryptocurrency market is still very focused on Bitcoin – at the moment, combined market cap for all cryptocurrencies sits at over $188 billion, with Bitcoin’s $116 billion.
  • Market adoption, regulation and forks are 3 key price drivers for cryptocurrencies.
  • Although a quick surge inevitably leads to price corrections.
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