FX.co ★ Bitcoin skyrockets above $7,000

Infinitely long you can look at three things: how fire burns, how water runs, and how the bitcoin grows. The first digital currency, the collapse of which has been expected almost from the very moment of its introduction, continues to set records.

The weighted average rate of the bitcoin confidently advanced to $7,000, then, without slowing down, hit the level of $7,500. In addition, the cryptocurrency set a record of the fastest rise since the beginning of this year, as it ballooned by 800 percent. The total market capitalization of cryptocurrencies also increases along with bitcoin and expanded to $188.8 billion. Now the bitcoin transactions account for 61.5 percent of the total market volume. That's why the bitcoin rate has a major effect on this indicator and is the main reason for all its ups and downs. For example, after the release of news about the closure of cryptocurrency exchanges in China, not only the value of the currency but also the capitalization of the entire digital money market collapsed. However, the bitcoin confidently holds its grounds and, despite the treats from the Chinese authorities, not only recouped its losses, but also ballooned to new highs. The reason for another steep rise is the statement of CME Group, the world's largest derivatives exchange operator, about its plans to launch bitcoin futures by the end of the year.

This decision will undoubtedly attract new buyers. The growth in demand will consequently lead to a price increase. So, it is safe to say that this is not the last article about the ups and, for sure, downs of the legendary bitcoin.