Bitcoin hits a two-month high as the price trades above $8,500.

The price of the leading cryptocurrency, bitcoin, climbed above $8,500 on Tuesday. Bitcoin's price was hovering above just $8,000 for the past four days.

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The price of bitcoin jumped from around $8,100 on 13th January to above $8,500 today. Bitcoin gained nearly 7.30% over the past seven days as its value continues to grow. The move upwards pushed bitcoin’s market capitalization to $153.2 billion and 66.64% of the total cryptocurrency market cap.

 

Bitcoin rises after the successful launch of CME’s futures contracts for BTC.

The price of bitcoin rallied above $8,500 just a few hours after the successful launch of Chicago-based derivatives exchange CME’s futures contracts for BTC. CME reportedly surpassed its rival Bakkt in volume within its first day of trading. CME Group traded 55 contracts, worth about 275 bitcoin ($2.1 million), in its new bitcoin option. Bakkt had rolled out its bitcoin option products in December 2019.

 

Other altcoins also saw significant growth.

Along with the price of the leading cryptocurrency, the price of other altcoins also increased. Bitcoin SV (BSV) gained 22.87%, Bitcoin Cash gained 6.46%. Litecoin (LTC) and Dash (DASH) saw a gain of 6.46% and 14.32%, respectively. At the time of writing, the leading cryptocurrency is changing hands at $8,516, which is a two month high, bitcoin last traded above $8,400 on 14th November 2019.

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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