Bitcoin rallies to another record high of $7100

Bitcoin hit another all-time high Wednesday evening, surpassing $7,100 for the first time.

The cryptocurrency has had a bullish streak throughout the week following the CME’s announcement that it will introduce bitcoin futures contracts.

According to data from CoinDesk, the virtual currency reached an all-time high of $6,994.01 at about 3:04 a.m. ET Thursday. After nearing $7,000, the price retreated slightly but held above the $6,900 mark.

A surge in the digital coin’s value saw the total market value of all cryptocurrencies top $188 billion for the first time Wednesday. The market cap of bitcoin alone is currently $115 billion, according to data from industry website Coinmarketcap.

CME bitcoin futures

On Tuesday, the CME Group, the world’s largest derivatives operator, said it would introduce bitcoin futures contracts. The introduction of such a product could bring more institutional investors into the market. Analysts believe this has been boosting the price.

CME said its bitcoin futures contract would be cash-settled and based on the CME CF Bitcoin Reference Rate (BRR), launched in November last year with London-based online trading platform Crypto Facilities.

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