Bitcoin Hits New Record High, But Misses $20,000 Mark

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Bitcoin made another attempt to break the $20,000 barrier early Sunday, rising to a new high of $19,783.06 for a brief time. That record high was a 5% increase from Saturday’s price, and came on the same day CME Group launched trading for its highly-anticipated Bitcoin futures contracts. The price later fell to as low as $18,334, as measured by Coindesk’s BPI.

Meanwhile, CME’s futures contracts (ticker: BTC) began trading at an opening price of $20,650, according to reporting from CNBC. After a small increase in value, the price for those futures dropped by roughly two thousand dollars in a mere four hours of trading, to $18,760.

Later on Sunday, CBOE's Bitcoin futures (ticker: XBT) rose to $18,660.

Some analysts expect Bitcoin’s price to continue to rise now that institutional investors have access to these exchange-offered Bitcoin futures contracts.

According to Altegris chief investment officer Matt Osborne, the CME offering could generate even more interest from those investors, since its contract price is derived from information pulled from several exchanges. That is a different approach than the one used by CBOE, which relies on the Gemini exchange’s closing price.

Osborne predicts that interest will continue to grow:

"Volumes are going to slowly increase as professional traders get comfortable with the price action and more importantly get comfortable with the volatility."

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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