Bitcoin’s recent price increases continued unabated on Wednesday, as the world’s most well-known digital currency roared to new highs above $14,000. In the last twenty-four hours alone, Bitcoin has repeatedly set new record highs, breaking through the $12K, $13K, and $14K price barriers. The gains increased Bitcoin’s total market capitalization to more than $246 billion.
Many analysts have attributed the price increases to rising expectations about greater institutional investment in the cryptocurrency markets. Over the next several weeks, the Chicago Board Options Exchange and Chicago Mercantile Exchange will each roll out Bitcoin futures trading for investors – and along with it, the prospect of wider mainstream acceptance and legitimacy.
South Korea’s investor market has reportedly played an important role as well. According to a report in Forbes earlier today, that government’s ban on ICOs may have caused Korean crypto investors to turn to coins like Bitcoin. In fact, Bitcoin’s price surged even higher on Korean exchanges Wednesday, rising above $17,000.