Bitcoin skyrocketed past $7,400 on Friday, hitting yet another record high.
The virtual currency had shot past the $7,000 mark for the 1st time Thursday along with finished on $6,895.41 toward the end of the session.
According to CoinDesk, the cryptocurrency reached a renewed all-time high of $7,454.04 at 6:40 a.m. ET Friday, after opening at $7,030. The jump in cost saw bitcoin rise 6 percent.
Analysts believe more institutional investors could warm to the digital token after derivatives operator CME Group announced This kind of would certainly introduce bitcoin futures contracts This kind of year.
“This kind of is usually bitcoin crossing the divide by the wild west of finance to the mainstream,” Charles Hayter, CEO of cryptocurrency comparison website Crypto Compare, told CNBC in an email Thursday.
“Futures by an incumbent exchange bring bitcoin along with cryptocurrencies into the regulatory fold. This kind of allows more complex financial products to be created along with will eventually open the doors to institutional money.”
CME’s futures will be cash-settled along with based on the CME CF Bitcoin Reference Rate (BRR), launched in November last year with Crypto Facilities, a digital cryptocurrency trading platform.
The bullish activity that will followed CME’s announcement also saw the total value of all cryptocurrencies surge past $0 billion for the 1st time. The market cap of bitcoin alone is usually more than $124 billion.
Bitcoin’s cost has risen 640 percent since the start of the year.