At 12:00 UTC, the price of a single bitcoin crossed $18,000. At 19:16 UTC, it crossed $19,000. The cryptocurrency is trading at $19,215.56, an increase of more than 9% in the last 24 hours, at 19:58 UTC.
Within the last 24 hours, its price has jumped by approximately $1,600. Last week, at around the same time, bitcoin was trading at $14,623.18. This means that its value has appreciated by approximately $5,400 in a week. On an overall basis, the cryptocurrency is up by 1,845% this year. At this rate, a price of $20,000 before the end of this year might not be unreasonable.
After registering significant run ups in their prices over the last week, other cryptocurrencies within the top 10 most-traded list traded for price losses or stayed constant. Cardano, a cryptocurrency for smart contracts, was the exception. It racked up price gains of more than 79% in the last 24 hours.
After a week in which altcoins clocked up double-digit gains for a spectacular rally, the original cryptocurrency is back with a new record high. At 14:25 UTC the price of a single bitcoin was $18,393.94, up 4.5% in the last 24 hours. It crossed the $18,000 mark at 12:00 UTC. It first touched $17,000 on December 11th before reverting back to $16,000 price levels briefly.
There haven’t been significant updates to bitcoin’s protocol or trading volumes in the last 24 hours. As always, miner rewards have kept pace with the surge in bitcoin’s price to enable profits. The most probable reason for a rise in bitcoin’s valuations is the prospect of institutional investors investing in it. TD Ameritrade has become the latest big name to enter the bitcoin sweepstakes by allowing customers to trade in bitcoin futures, starting Monday. The entry of institutional investors is expected to bring price stability to the cryptocurrency.
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