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Bitcoin Soars Towards $10,000; Up 900% This Year

Bitcoin Soars Towards $10,000; Up 900% This Year

Nick Cawley, Strategist

Talking Points

- All forms of Bitcoin jump in value. Ethereum continues to head towards $500.

- Turnover across the crypto-currency market soars.

The DailyFX Bitcoin Glossary is designed to provide traders with a reference for important terms and concepts essential for understanding the emerging cryptocurrency universe.

Bitcoin (BTC) Heads for $10,000 as Asian Turnover Soars.

Heavy turnover in the last 24 – 48 hours has pushed BTC to the brink of $10,000, a level some commentators predicted for 2018. While Korean Won trade dominated in Asian hours, US dollar turnover was also highly visible as a wide range of buyers bought BTC ahead of the launch of CME and CBOE Bitcoin futures. Korean Won buyers however paid a much higher average price than US dollar buyers, $9817 to $9331, highlighting the liquidity problem on some exchanges. Bitcoin Cash (BCH) also pushed ahead hitting $1,700 while Bitcoin Gold (BTG) made a move higher to $370.

And the latest push in Bitcoin has seen it near Ireland’s value, using M1 as a yardstick. Bitcoin currently is worth around $160 billion while Ireland’s latest M1 reading is around $186 billion after converting from EUR.

Bitcoin Soars Towards $10,000; Up 900% This Year

We discussed the upside potential BTC and ETH at last week’s Bitcoin webinar - if you would like to join us every Wednesday at 12:00pm for updated news and views, please click here.

Chart: Bitcoin (BTC) Daily Timeframe (August 7 – November 27, 2017)

Bitcoin Soars Towards $10,000; Up 900% This Year

Ethereum (ETH) Exceeds Short-Term Target. $500 now in sight

The recent Ethereum chart break has opened the way for the second-largest crypto-currency to move above $500 and push its market capitalization over $50 billion. While Bitcoin continues to take all of the headlines, ETH has risen from around $9 at the start of 2017.

Chart: Ethereum (ETH) Daily Time Frame (June – November 27, 2017)

Bitcoin Soars Towards $10,000; Up 900% This Year

Market Moves/Top 8 Capitalizations – November 27, 2017

Bitcoin Soars Towards $10,000; Up 900% This Year

If you are interested in trading digital pairs and would like to practice trading either BTC or ETH, you can create a Quick and Free Demo Account Here

--- Written by Nick Cawley, Analyst.

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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