Cryptocurrency Markets Exploding: Bitcoin and Ether at All-Time High

The cryptocurrency market valuations have touched a record high valuations currently at $280 billion as per our data and it seems that the momentum has broken all barriers and poised to grow even higher.

For the first time it is been observed that it is not just Bitcoin that is contributing to this surge but Ethereum and several other altcoins have also participated in this rally. Yes, it is certainly one of those rare sights where two major rivals - Bitcoin and Ethereum - and also the two strongest cryptocurrencies in the market are hitting their record high values simultaneously.

There has been a huge surge in the volumes of Bitcoin in the past 24 hours taking it to a new record high value above $8600 . In the past week, Bitcoin has formed a strong support at around $8200 levels and was consolidating there before the current 5% surge in its value. Famous investor and crypto-hedge-fund manager - Mike Novogratz - has predicted that Bitcoin will touch $10000 by the year-end in his interview to Bloomberg, earlier this month. Novogratz has also predicted that Ethereal will reach to around $500 levels by the year-end.

The cryptocurrency markets were quick to react to his words, as soon after his interview, Ether tokens, backed by the Ethereal blockchain, have surged over 50% and is currently trading to its new all-time high at $469.39 as per our data. In addition to the Novogratz words, one of another major reasons that has supported the Ether rally is the possibility of a Bitcoin-like Ethereum futures-contract.

As per the latest report published by Bloomberg, a person familiar with the matter said that an unknown exchange currently referred by the name of “Virtuoso” is planning for Ether futures contract which is likely to launch by the first or the second quarter. Some prominent names in the industry like Sunil Hirani, co-founder of CDS exchange, which was sold for a whopping $500 million to Intercontinental Exchange Inc. in 2008, is said to be the brain behind this idea.

An unprecedented and strong investor support to cryptocurrencies in the past one year has forced major financial institutions from Wall Street to look inwards. Looking to huge investor demand, Giant Institutions like Goldman Sachs are weighing options to allow Bitcoin trading to its customers. Also, the world’s largest derivative marketplace and futures exchange CME Group has announced that it is starting the first-of-its-kind Bitcoin futures contract in the market that will be completely cash-settled. Meaning, interested investors would still be able to trade in Bitcoins without actually owning them. Also, looking into huge volatility in the prices of Bitcoins, CME group has listed certain specifications putting a cap to 20$ for daily price fluctuations in order to protect investor’s money and bring more stability in the Bitcoin markets.

With Bitcoin futures contract just around the corner, the rally could continue further in the coming days.