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Less Than A Month After Tearing Through $5,000, Bitcoin Surges To $7,000

Less Than A Month After Tearing Through $5,000, Bitcoin Surges To $7,000

Breaching yet another milestone less than a month after surpassing the $5,000 mark, bitcoin surged past $7,000 Thursday morning.

The cryptocurrency began to climb yesterday on the news that CME Group, the world’s largest exchange owner, had plans to add bitcoin futures by the end of 2017 after demand from clients.

Spot pricing for bitcoin climbed as much as 12% to $7,392 before pulling back to $7,025 before 9:00am eastern time this morning. So far this year, bitcoin is up nearly sevenfold and is now worth more than $100 billion.

“It is simply remarkable how resilient bitcoin has been in the face of significant negativity,” Lukman Otunuga, a research analyst at ForexTime, said in a note yesterday to clients. “The price action suggests that bulls have a very firm grip.”

As we reported in September, some say that we could see bitcoin at $10,000 in the near future with Ben Kumar, a money manager at Seven Investment in London, saying at the time, “Everyone seemed to agree that once it broke through $5,000, the sky is the limit. I wouldn’t be surprised to see it double from here in a very short space of time.”

With bitcoin surging past $7,000 just a month after surpassing $5,000, reaching $10,000 doesn’t seem that far-fetched.

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