Bitcoin has cemented its glory year by hitting
$20,000 barely a month after achieving five figures for the
first time. After several weeks of considerable volatility, mixing rapid
growth with sudden declines, momentum finally boosted Bitcoin
to its new historic high.
Outperforming almost everyone’s expectations in 2017, Bitcoin
prices received a decisive push from Wall Street regulated
futures trading, as well as the imminent implementation of the
Lightning Network. CBOE launched its
Bitcoin futures product on Dec. 10, and CME (a much larger market)
will begin trading the cryptocurrency’s futures on Monday, Dec.
Markets reacted to rising prices with a snowball effect,
triggering mass consumer interest in both buying and trading
the virtual currency. Over the last few weeks, the Coinbase app
has been at the top of Apple’s “most downloaded apps” several
Bitcoin has grown by 1,950 percent in 2017, having started the
year at the comparatively tiny $974.
Having broadly failed to foresee just how quickly Bitcoin would rise,
commentators are now focusing on the forthcoming year and how
governments will react to the rapid growth of digital
currencies. Bankers, mainstream media and pundits continue to
call Bitcoin a bubble, even as the bull marches on.