[2017-11-16] Bitcoin Price: New All-Time Heights - It Is Market Cap This Time

[Vladdirescu87]

From the very beginning of this week, we might watch BTC getting back on its feet. Or, rather, its market.

By the evening of Wednesday, November 15, Bitcoin cost $7215.03. Thus, it recovered its position lost during the correction. Seems encouraging enough. At least those who bought the coin before its crush may calm down for some time, as they won’t lose their money if they need to sell.

The price recovery basically owes itself to the increase of BTC market cap to an all-time high of $217.1 billion. This has probably happened because of Man Group’s announcement this week. The company’s CEO, Luke Ellis, stated that Man Group “will add bitcoin to its investment universe if CME launches futures contract as planned” at the 2017 Reuters Summit. That should bring new buyers to the market. At the moment BTC price has increased even more. It costs $7514.81.

Read the full article: https://coinidol.com/bitcoin-price-new-all-time-heights-is-market-cap/

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[Iranus]

The price recovery basically owes itself to the increase of BTC market cap to an all-time high of $217.1 billion.

The market cap is just the price multiplied by the supply, so the price is always going to be the same relative to the market cap.  The market cap does not change the price at all.

if CME launches futures contract as planned

It's important to note that price rises due to the possibility of futures contracts are quite irrational.

People have got caught up so much in the speculative side of BTC that some of them have lost sight of any overall purpose.  It shouldn't be news about exchanges that push the price up, it should be news about practicality and about merchants.