Bitcoin price grows to $11,600 after recovery
The price of bitcoin has stabilized in the $11,000 range after a growth and a recovery in the past few days. Currently, the price of bitcoin has grown to $11,600.
So, bitcoin has recovered from the most recent correction it suffered, in which it fell from $11,441 to $8,800. The bitcoin price is now at an optimal position and is expected to continue its growth.
Another good news for bitcoin is that the daily trading volume of bitcoin has also stabilized at around $5 billion. At the same time, the US market has managed to surpass the Japanese market when it comes to bitcoin exchanges. Currently, the US market has about 30% of the global bitcoin market share.
This growth is also due to the high demand for bitcoin coming from the US and the country's financial sector. The increase in demand was triggered by the announcement that two of the world's largest financial institutions will engage in bitcoin trading by the end of the year.
Respectable financial institutions such as JP Morgan previously stated that bitcoin futures will add legitimacy to the cryptocurrency and increase this way the interest in bitcoin. Nikolaos Panigirtzoglou, JP Morgan's global markets strategist, stated that bitcoin might even turn out to transform the global finance sector, being an alternative to the currency system and gold.
How much will the bitcoin price increase?
The CME Group previously announced that it will release its bitcoin futures exchanges on December 18. When the launch will occur, the price of bitcoin is expected to increase.
Some analysts of the bitcoin market believe that in the mid-term, this price will overpass $14,000. Others expect the bitcoin price to stabilize around $40,000 by the end of the year.