Bitcoin is cooling off from its historic run above $20,000, but the broader cryptocurrency market is anything but quiet. As the world’s largest futures exchange, CME Group, completed its first full day of Bitcoin futures trading on December 18, the cryptocurrency market capitalization surged past $600 billion for the first time ever. While Bitcoin consolidated, altcoins staged a remarkable rally that reshaped the leaderboard.
TL;DR
- Bitcoin hit an all-time high of $20,089 before pulling back to the $17,776 range on December 19, a decline of roughly 3%
- CME Group launched Bitcoin futures on December 17, with January contracts opening at $20,650
- Total crypto market cap surpassed $600 billion, jumping from $500 billion in just five days
- Altcoins exploded: Cardano up 400% in December, Litecoin up 220%, Ripple up 200%
- Ethereum held strong at $826, while Bitcoin Cash surged 28.7% to $2,805
- Kraken recorded $646 million in daily trading volume — an all-time high
CME Futures: Wall Street’s Bitcoin Gateway Opens
The Chicago Mercantile Exchange made financial history on Sunday, December 17, when it launched its Bitcoin futures contracts. The January 2018 contract opened at $20,650 — a significant premium to the spot price — and saw 847 trades by the end of its first day. February, March, and June contracts also opened above $20,000, reflecting strong institutional demand for exposure to Bitcoin price movements.
The launch came just one week after rival exchange CBOE debuted its own Bitcoin futures on December 10, which was so popular it crashed the exchange’s website with over 800 trades in the opening hours. Both launches were approved by the Commodity Futures Trading Commission (CFTC), signaling a new era of regulatory acceptance for cryptocurrency derivatives in the United States.
Notably, these futures contracts track Bitcoin’s price from an index drawing from multiple exchanges but do not involve actual Bitcoin. The value comes purely from price movements, making them a vehicle for speculation and hedging rather than direct investment in the cryptocurrency.
Bitcoin Consolidates After Historic Run
After touching its all-time high of $20,089, Bitcoin entered a consolidation phase. According to CoinMarketCap data for December 19, BTC was trading at $17,776.66, down approximately 3.08% on the day. On the Kraken exchange, Bitcoin was quoted at $17,839 with $177 million in 24-hour volume — an all-time high for the platform.
The pullback from $20,000 appears largely driven by profit-taking after a parabolic December run. Bitcoin started the month below $11,000, meaning it had nearly doubled in less than three weeks. The CME futures opening at a premium to spot prices suggests institutional traders remain bullish on the medium-term outlook, even as short-term traders lock in gains.
Altcoin Season Erupts
While Bitcoin caught its breath, the altcoin market exploded. The total cryptocurrency market capitalization crossed the $600 billion threshold on December 18, having jumped from $500 billion in just five days. The speed of this expansion is remarkable and underscores how capital is flowing across the entire crypto ecosystem, not just into Bitcoin.
Among the standout performers in December:
- Cardano (ADA) surged 400% for the month, trading at $0.531 with a market cap of $13.7 billion on December 19
- Litecoin (LTC) climbed 220% in December, reaching $350.25 with a $19 billion market cap
- Ripple (XRP) gained 200% in December, trading at $0.79 with a $30.6 billion market cap
- Tron (TRX) skyrocketed 2,000% from its early December price, making it one of the most explosive moves of the year
- Stellar Lumens (XLM) moved from $0.07 to $0.29 over the course of December, climbing to the top 15 on CoinMarketCap
In the 24 hours leading into December 19, six of the top 10 cryptocurrencies by market capitalization hit new all-time highs: Bitcoin Cash, Dash, Cardano, NEM, Monero, and Litecoin.
Ethereum and Bitcoin Cash Lead the Charge
Ethereum held its ground firmly at $826.82, with a market capitalization of $79.7 billion. On Kraken, ETH was up 8.78% on the day with $156 million in volume — another all-time high. The Ethereum network continues to benefit from the ICO boom and growing DeFi activity, both of which drive demand for ETH as a utility token.
Bitcoin Cash was the standout among major altcoins, surging 28.7% on Kraken to $2,696 and trading at $2,805 on CoinMarketCap with a market cap of $47.3 billion. BCH has benefited from its positioning as a faster, lower-fee alternative to Bitcoin during a period of network congestion and high transaction costs on the BTC chain.
Record Volumes Signal Maturing Market
Kraken’s $646 million in total daily volume on December 19 represents an extraordinary milestone for the cryptocurrency exchange industry. To put this in perspective, the platform saw more trading activity in a single day than many traditional stock exchanges process. Bitcoin alone accounted for $177 million of this volume, with Ethereum adding another $156 million.
The altcoin market also contributed significantly to the volume surge, with Bitcoin Cash ($81.6 million), XRP ($52.5 million), and Litecoin ($50.4 million) each posting record or near-record trading activity on Kraken.
Why This Matters
The events of December 19, 2017 represent a turning point for cryptocurrency. The launch of CME futures has opened the door for institutional capital to flow into Bitcoin in a regulated, familiar format. Meanwhile, the altcoin rally demonstrates that investor interest extends far beyond Bitcoin — the entire cryptocurrency ecosystem is experiencing unprecedented demand.
However, the speed of this rally warrants caution. A market that adds $100 billion in capitalization in five days is operating at a pace that has historically been followed by sharp corrections. Whether this momentum continues into 2018 or marks the peak of the 2017 crypto bubble remains to be seen.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are highly volatile. Always conduct your own research before making investment decisions.
Cardano 400% in December 2017 and people still pretend that project had real adoption. it was pure speculation, same as the memes now.
BTC dropped from $20K to $17.7K and everyone panicked. little did they know it was going to $3K within a year.
forgot CBOE launched first and crashed their own website. 800 trades in opening hours and the infrastructure couldnt handle it lol