Bitcoin hits $US12,800 for the first time!

As of the time of this publication, the price of 1 Bitcoin on GDAX was $12,864. Still strongly bullish

BITCOIN has continued its exponential rise in value, defying the naysayers to smash through $US12,800 for the first time.

The latest price spike, which brings bitcoin’s total rally since the beginning of the year to about 1200 per cent, follows news the Chicago Board Options Exchange will begin trading in bitcoin futures from December 11, allowing investors to bet on the rise or fall of the currency.

Bitcoin, the world’s largest digital currency by market capitalization (market cap), has enjoyed some very robust gains this year.

As for what drove the latest gains, there are a few likely explanations.

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Bitcoin Futures

Recently, The Chicago Board Options Exchange and exchange operator CME Group announced that they will begin offering digital currency-based futures later this month. Read previous article on CME here

Growing Visibility

Bitcoin, long the largest digital currency by market value, has been generating ever-increasing visibility.

This year, the digital asset’s rising prominence has motivated financial heavyweights like Warren Buffett, Jamie Dimon and Ray Dalio to weigh in on its future.

Digital currencies in general have been drawing significant interest this year, causing their total market cap to rise to more than $365 billion, according to CoinMarketCap.

However, Bitcoin’s share of this figure has been rising over the last six months, following an upward trend and reaching more than 56% at the time of report, additional CoinMarketCap figures show.

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