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Bitcoin Stokes Crypto Fever After Approaching 10-Month Highs

Published 05/15/2019, 02:26 PM
Updated 05/15/2019, 02:45 PM

Investing.com - Bitcoin moved higher Wednesday to trade near a 10-month high as traders awaited further positive catalysts to raise bullish bets on the popular cryptocurrency.

Bitcoin rose 3.4% to $8,098.90 on the Investing.com index, down from a high of $8,114.40.

Bitcoin's six-week rally has not gone unnoticed among some prominent crypto bulls, who predict the popular crypto could rally to $100,000, citing a bullish backdrop for cryptocurrencies.

Long-term fundamentals, as well as medium-term monetary policies, all contribute to a bullish environment for Bitcoin, according to Max Keiser, host of the Keiser Report, who maintained his $100,000 price target.

Some have attributed the dramatic rise in Bitcoin from a low of around $4,000 last month to a ramp-up in activity by institutional investors.

Bitcoin futures, which allow institutional investors a vehicle to gain exposure, recorded a new all-time record of 33,700 contracts sold in one day on Tuesday, according to the CME Group (NASDAQ:CME), the world's largest options and futures exchange. That surpassed the prior records of 22,500 and 18,300 set on April 4 and Feb. 19 respectively.

Other cryptocurrencies followed Bitcoin’s move higher as Ethereum rose 16.03% to $242.47, XRP added 7.72% to 0.43500 and Litecoin surged 13.73% to $102.42.

The total crypto market cap, which stands at about $240 billion and is often use to gauge demand, has more than trebled since its December trough.

Latest comments

crypto currency has all ways been one of my Investing fears. maybe I should leave it to the more risky and the young
A non correlated, anti inflationary asset, should be part of any serious portfolio.Maybe 1%?
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