The crypto currency Bitcoin continued moving upwards on Tuesday with a trajectory that seems quite unstoppable and reached $12,000 for the first time, powering up to almost $12,500 at one point after then settling around the $12,200 mark. This upward trajectory continued notwithstanding some negative news in the regulation market with some billionaire investors warning of the possibilities of a financial bubble.
In the meantime other crypto currencies fell slightly flat with some even retreating substantially. Ripple fell by about 4% while Dash and Ethereum posted slightly less disappointing falls of between 1 and 2%. Ethereum Classic was also down by about %% while Litecoin remained stable.
The cryptocurrency markets made another advance on Tuesday, fueled by continued bullishness over the impending launch of regulated bitcoin futures contracts on Sunday. Buoyed by this factor, the bitcoin price rose within striking distance of the $12,000 milestone, and the flagship cryptocurrency’s market cap came within a hair’s breadth of the $200 billion marker. Meanwhile, altcoins reaped the gains of a bullish market, and the number of cryptocurrencies with billion-dollar valuations swelled to a new all-time high of nineteen.
Altogether, cryptocurrencies added nearly $15 billion to their already swelling combined market cap. At present, the total cryptocurrency market cap is $354.3 billion, representing a single-day increase of four percent.
Bitcoin Price Eyes $12,000
Over the weekend, bitcoin “died” for the 200th time, but, to the ire of bears across the globe, the most prominent cryptocurrency refuses to acknowledge its supposed demise. The bitcoin price reached a new all-time high on Tuesday at approximately 9:00 UTC, when it briefly rose to $11,931. However, bitcoin was not quite able to extend across the $12,000 mark — a feat which would have raised its total valuation past $200 billion for the first time — and it has since made a minor pullback to $11,887 and a $198.8 billion market cap.
Ethereum Price Trades Sideways
The launch of bitcoin futures is expected to have a positive effect on ethereum — the president of derivatives exchange Cboe has hinted that his exchange may soon add bitcoin cash and ethereum futures — but the ethereum price did not receive a bump upon learning that bitcoin futures would launch sooner than had generally been believed. Instead, the ethereum price traded sideways, remaining at $462. Ethereum maintains a market cap of $44.5 billion.