The digital currency has doubled since October — and is now bigger than Home Depot and Pfizer
Bitcoin slammed through the $15,000 level early on Thursday, showing no signs of slowing its relentless rally that has pushed up the cryptocurrency more than 1400% since the beginning of the year, MarketWatch reports.
Bitcoin jumped to an intraday high of $15,058.30 on CoinDesk, up almost 10% on Thursday so far. The move comes just a day after the cryptocurrency passed both the $13,000 and $14,000 milestones, boosting its market capitalisation to almost $246bn. That leaves bitcoin up 20% over the last 24 hours alone.
Investors have been crazy for bitcoin this fall. It traded below $5,000 in October, but over the past month has broken through $1,000 milestones almost on a daily basis. Since Nov. 1st, the popular asset has added 123%, fuelling speculation for how much higher it can go.
“The rise of the bitcoin appears to be unstoppable,” said Fiona Cincotta, senior market analyst at City Index, in a note.
“Given the fact that both the CBOE and the CME exchanges will begin offering bitcoin futures this month, perhaps the prediction of $20,000 is not that far off? However, the start of futures trading also means the start of short trades on the bitcoin, which could increase volatility further,” she added.
The Commodity Futures Trading Commission last week said it would allow the listing of bitcoin futures, with a number of exchanges—including CBOE Global Markets, Nasdaq, and the CME Group—announcing they would launch such products. Futures are seen as potentially further legitimising bitcoin as an investment, and they could drive additional demand into the space.
This article appeared on MarketWatch