Bitcoin prices surged throughout the week, breaking $14,000 on Wednesday and then $15,000 on Thursday. In the past week alone, bitcoin has gone from $9,200 to hitting a new all time high of $19,000, a massive 106 percent increase. Bitcoin is now slowly closing in on $16,000.
The volatile cryptocurrency is increasing more and more each day, now hitting a market cap of $274.1 billion. Bitcoin alone makes up more than half of the $421 billion cryptocurrency market. If bitcoin were a public company, it would rank in the top 15 based on market capitalization.
The cryptocurrency craze has been gaining more and more attention due to its volatility but as well as financial institutions now beginning plans to integrate bitcoin futures into their exchanges. Exchanges such as Nasdaq and Cantor Exchange will integrate it in the near future, while Chicago Mercantile Exchange plans to launch its futures on December 18, and Cboe Global Markets will launch its on December 10.
Former Fortress hedge fund manager, Michael Novogratz said on CNBC’s “Fast Money” that bitcoin can multiple nearly four times more than its current value within the next year.
"Bitcoin could be at $40,000 at the end of 2018. It easily could," Michael Novogratz said on CNBC, "Ethereum, which I think just touched $500 or is getting close, could be triple where it is as well."
Back in early October, Novogratz said that bitcoin would hit $10,000 in the next six to 10 months, but surpassed expectations and hit $10,000 in less than two months.
Shortly after reaching the $11,000 mark, bitcoin prices plummeted by over 20 percent over a day period. Bitcoin prices recovered quickly and soon began to climb to new all time highs day after day.