Bitcoin prices have jumped over $800 in one day becoming one of the most successful days ever in the history of the cryptocoin markets. Profiting traders and business, critics were once again silenced by the sheer performance of markets today.
As seen on the graphs below, bitcoin prices exploded considerably over the past day seeing one of their best days. While this week saw prices coast at a humble $9200 point, today saw prices jump from $11000 to $11810. Accounting for a rise of over 6%, bitcoin growth has also fueled other cryptocoin’s eg, Bitcoin cash and bitGold (both hardforks of bitcoin itself).
To conclude, momentum is carrying bitcoin prices up and up as targets are being revised for the future of the cryptocoin. Currently analysts are advising traders to be cautious when buying as a weak buy is labelled on the current market status. Prices may peak at $11,900 under current trading volumes which remain stable at the $5 billion mark. We may see a return to the $10k mark by the end of next week if $10.8k is broken by Tuesday.
The critical point remains the $9500 mark, as if prices slip below we may see the bullish trend overturned. The long term plans remain set for December 18th when bitcoin derivatives are launched in Wall street allowing access to Bitcoin markets for many conventional and fiat traders. Depending on the success of the services, we may see bitcoin prices move well onto the next big mark, $20,000.
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