Bitcoin Crosses $18000

The recent rally of the cryptocurrency which began almost two weeks ago continued to push through until the start of the trading session on Monday as Bitcoin futures surged past $18,000.

Bitcoin futures which have garnered the attention of most investors in the past month happens to be the most traded contract currently on the CBOE global markets exchange which is based in Chicago. During the late trading session on Sunday, Bitcoin futures were traded by as much as $18,700 from opening at $15,460 representing a rise of 21%.

On the Gemini Exchange, the basis of the bitcoin’s auction price in U.S. dollars which results into the futures being cash-settled contracts and is operated and owned by Cameron and Tyler Winklevoss who are virtual currency entrepreneurs.

About two weeks ago, the Bitcoin surged up by more than 12% and was trading above the $9,000 level to a new all-time high sending the overall market value of the cryptocurrency above $150 billion pulling other cryptocurrencies such as Ethereum and Bitcoin cash along with its rally. The Bitcoin which was at an eight-month high then rallied further touching the $10,000 level for the first time.

Eventually,the cryptocurrency traded past $11,000 due to the overwhelming growth of the Bitcoin despite investor concerns of the Bitcoin’s growth bubble eventually popping sending the value of the Bitcoin down in a short amount of time leading to huge losses for investors. According to analysts, the bitcoin’s value sinking to zero would result into losses that will send U.S. equity prices down by as much as 0.6%

The digital currency was able to sustain its growth over the past week but was down by as much as 18% shortly after it recorded the $11,000 value for the first time.

Most shares in Asia traded higher at the beginning of the week following the bullishness of the bitcoin futures over the weekend as it hit $18,000 and is set to rise further as forecasted by a number of analysts primarily attributed by its market value growth which has grown by one-fifth of its value during its launch.

Due to this, some economists have noted on the improving global economic sending most Asan shares higher and to speculate on how the economic growth of the world could continue and keep its momentum. The overall market capitalization of the Bitcoin is currently at around $240 billion slightly lower than the value of outstanding gold.

Stocks in Europe also rose up taking after the rally in Asian shares with most financial shares hovering around a four-week high boosting other benchmarks with it.

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