Bitcoin's Future Looks Bright for the First Time in 2018
Catalysts can lead any currency higher. However, in the cryptocurrency market, Bitcoin is the ‘peg’ for other currencies when it comes to trading. BTC also dominates the market cap of the total cryptocurrency space while being the only cryptocurrency futures are traded for through major commodity exchanges like the CBOE. This week saw Bitcoin hover in the low $6,000 range before mysteriously popping to above $7,500.
I have been bearish on cryptocurrencies for a number of months now. I was feeling good about that view as Bitcoin flirted with breaking $6,000 again as recently as July 12th. Then it took off. It went from $6,185, to $6,662, to $7,314 in just 2 days (according to Bloomberg data).
