Bitcoin price crossed $18,000 and then went past $19,500 on December 16 on many cryptocurrency exchanges. Bitcoin was trading at just below $14700 at the same time last week.
Although it touched a high of above $20,000 on December 17 12:29 UTC according to data from CoinMarketCap. Bitcoin price is yet to hold at that level. It then dropped to $18,791.76 on the same day and is now trading at just above $18,233 as at the time of this writing.
In the last few weeks, the price has been responding to prospects by institutional investors. As the announcement of launching and subsequent launching of Bitcoin futures products took place. Entry of these products is expected to bring stability of prices. Many also expect the products to lead to further price increases.
CME launched the Bitcoin futures product on Sunday 17 and although the coin price appreciated to $19,783.06 at 12.14 UTC to test the $20,000 level just before the launching of the product.
CoinDesk reported that a significant portion of community expected the cryptocurrency to test $24,000 in the short-run.