As expected, the bitcoin prices have just broken through the $12,000 region as of this writing and continue to move higher through towards the $12,200. We had mentioned a couple of days back that the break through this region would only be a matter of time. In fact, we believe that the bitcoin prices could quite possibly break through the $15,000 region by the end of the month. Such is the speed and the volatility that this appears to be a real possibility at this point of time. Though the usage of bitcoins and their acceptance continues to grow and draw in large crowds of traders, we can safely say that the recent pushes higher in the price have been purely due to speculation rather than anything else.
Bitcoin Prices Target Much Higher
We also await the release of the futures trading in bitcoins from the CME and the CBOE over the next couple of weeks and it remains to be seen what kind of an impact it would have on the market and the prices as such. We believe that this could eventually lead to good bi-directional trading rather than just the bullish trading that we are seeing now. We also have reports that say that some of the exchanges in Japan are also looking into launching futures trading quite soon.
The ETH prices, on the other hand, continue to flounder and have just pushed back downwards through the $450 region, after a gap of a few days, just when the bitcoin prices push higher. We expect the ETH prices to continue to be under pressure as the focus shifts well and truly towards the bitcoin market for this month. There has also been a clog in the ETH network which has delayed many ETH transactions and this has only added to the pressure on the prices.
Looking ahead to the rest of the day, expect the momentum in the bitcoin prices to pick up and this could push the prices towards the $12,500 region eventually. The ETH market is expected to continue to lag behind in terms of volatility and prices as the focus continues on bitcoins.