Some experts have predicted the Bitcoin price will shoot up to $10,000 during the CME launch which is expected to take place in December.
The price of Bitcoin set a new all-time high on Monday, climbing to $8,277 on Bitfinex. Over the weekend, the price of Bitcoin reached $8,100 but it did not stop there, the cryptocurrency was able to extend its rally even further.
It firmly held above the $8,000 mark while it was poised to embark on a new advance on Monday. And, that is exactly what happened. The flagship cryptocurrency took advantage of the opportunity. At around 15:00 UTC it set the new record high of $8,277.
Most recently Bitfinex priced Bitcoin at $8,244. This places hopes for investors. It could be quite plausible that Bitcoin will slash through $8,300 mark. Some believe that Bitcoin may even threaten to breach the $8,500 mark and this before the day is even over.
Fascinatingly, two of Bitcoin’s 10 largest trading pairs are with POWR. The ICO-derived token provides users with access to Australian solar start-up Power Ledger’s peer-to-peer energy marketplace. And now the POWR price has been climbing as well.
This came on the heels of an announcement that Power Ledger’s blockchain would be used as the technological backbone of a government-funded $8 million which will be used for an energy and water system project. More recently Power Ledger has also actively been exploring an expansion into India.
It is very likely that this is the reason for investor optimism. But for the moment, the bulk of Bitcoin’s day-to-day gains can be traced back to an expectation that Wall Street will soon begin dumping money into the Bitcoin markets.
While this could happen at any time many have said that it is likely to only take place during the second week of December. This also happens to be the target date for the launch of Bitcoin futures on U.S. derivatives exchange CME.
This will happen as a potential watershed moment for institutional shareholders who are interested in Bitcoin but who have thus far only remained on the sidelines. A number of analysts have even predicted that the CME launch will push Bitcoin as high as $10,000 before the end of 2017.
But there remain other factors at play. Just last week, the first off-chain atomic swap between Bitcoin and Litecoin was concluded on the lightning testnet. And today, Zap developer Jack Mallers has demonstrated a successful mobile wallet payment on the lightning testnet.
And, although lightning remains in progress, both of these accomplishments give investors a hopeful and long-awaited second-layer network. The network will be activated on the main Bitcoin network sooner rather than later.