Bitcoin storms through $ 12000 mark and beyond, what’s next?

Dhwani Mehta FXStreet

Bitcoin, (BTC/USD) the world’s most dominant cryptocurrency, prolongs its week-long relentless rise and prints yet another record high beyond $ 12,500 mark, as the demand for the digital currency remains unabated, despite the fears that the rally could be overdone.

Also, the spot shrugs off markets’ concerns over its real value, as it continues to derive support, after Friday’s announcement by the CME Group and CBOE Global Markets that they would allow listing Bitcoin futures contracts.

Leonhard Weese, president of the Bitcoin Association of Hong Kong, noted: “There is a lot of money flowing into Bitcoin right now, mostly motivated by “fear of missing out“ and greed.”

The total market capitalization of the cryptocurrencies sits at $ 377.71 billion, with Bitcoin’s accounting for almost 60% ($ 217.34) of the overall market cap, followed by its rival, Ethereum, which sits at $ 43.70 billion. At the time of writing, Bitcoin trades at record highs of $ 12,585.0, up 8.40% on the day, while Ethereum drops -2.10% to $ 440.93 levels.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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