Cybersecurity pioneer and eclectic personality John McAfee raised his 2020 bitcoin price target to $1 million, and his bet will undoubtedly leave even the most ardent bitcoin skeptic praying that he’s right.
The bitcoin price rallied to a 24-hour high following the announcement that U.S. derivatives exchange CME has self-certified to list bitcoin futures contracts in mid-December.
As CCN reported, CME announced on Friday that, pending final regulatory approval, the exchange will launch its much-anticipated bitcoin futures product on Monday, Dec.
The cryptocurrency market cap crept back into the green on Friday following intense volatility and a two-day retrace. The bitcoin price led the advance with a four percent increase to $10,285, but every cryptocurrency in the top 10 made at least minor movement into positive territory.
Following the day’s movements, the total cryptocurrency market rose to $310 billion, a more than $26 billion increase from its 24-hour low.
The bitcoin price has been on a mid-week rollercoaster, and that volatility has rippled throughout the markets. Trading volume has surged to record levels and coins across the spectrum have taken steep dives from their all-time highs — although most weekly charts remain in positive territory.
At one point, combined daily volume reached $25 billion — a new all-time high — and 24-hour volume remained above the $20 billion mark throughout a day of manic trading.
The bitcoin price plunged by more than $1,300 in minutes during a flash crash on bitcoin exchange Bitfinex but has since recovered above $10,800.
Bitcoin Price Flash Crashes to $10,075
At approximately 10:09 ET, the bitcoin jumped to a one-hour high of $11,399, which placed it just below the all-time high of $11,441 it had set at 9:13. Apparently — after observing resistance at $11,500 — a whale had set $11,400 as his or her target exit vector because at 10:11, the candle turned red, and three minutes later, this trader unleashed a massive market sell order.
It has been a historic week for the cryptocurrency markets. Led by the bitcoin price’s march to $10,000, a litany of coins and tokens have posted record highs, and — despite concerns that the charts are heating up too fast — the rally has yet to show any signs that it is slowing down.
Bitcoin entered mid-week trading with a vengeance, and the cryptocurrency market cap made an astounding 24-hour increase of $26.
The global average bitcoin price briefly broached the $10,000 mark on Tuesday, largely due to significant premiums on high-volume South Korean exchanges. Meanwhile, the number of cryptocurrencies in the billion-dollar club swelled to a new all-time high — and more are poised to achieve that status soon.
Altogether, it was another record-setting day for the industry, and the total cryptocurrency market cap rose to $310 billion, a new high-water mark that represents a nearly $300 billion increase since the beginning of the year.
The global average bitcoin price crossed the $10,000 threshold on Tuesday after Korean traders bid the flagship cryptocurrency up to double-digit premiums.
Bitcoin Price Broaches $10,000
Well, that was certainly quick.
Less than two days after reaching the $9,000 mark, the global average bitcoin price has pierced the five-figure barrier, rising to a new all-time high of $10,069, according to CoinMarketCap.