Bitcoin prices scaled above $1,150 on Tuesday, reaching a high of $1,162 on the Bitstamp Price Index (BPI) to continue a strong start to the month.
Bitcoin prices are firmly on the rebound in April as prices continue an upward climb since the turn after March. At the start of the month, bitcoin was trading at $1,069 and the gains made toward today’s high represents a near 9% climb in value this month.
On Monday, prices soared above $1,100 but recent volatility leaves little room for speculation of support at that level. Prices have, so far, stayed above the milestone.
Trading showed a bullish sign during the late hours of Monday when price scaled above $1,150 at 22:00 (UTC). Trading on Tuesday began below the figure through most of the morning before price spiked at 08:00. Three hours later, price reached a new high of $1,162 before midday.
At the time of publishing, prices have trailed off a tad toward $1,135.
Market activity data from CoinMarketCap shows significant trading volumes in the XRP/BTC and the ETH/BTC trading pairs, with nearly $140 million in volume traded from the altcoins to bitcoin.
The sell-off of Ripple tokens (XRP) coincides with a notable drop-off of Ripple’s value, a possible correction after soaring gains toward the end of March.
The world’s most prominent cryptocurrency is now trading at the peaks of the long-term all-time high set in November 2013 when the cryptocurrency scaled $1,163 on Bitstamp. That peak remained uncharted for over three years before bitcoin made rampant gains in the lead-up to the SEC decision of the Winklevoss twins’ ETF, breaking that record on February 23 this year.
While there are no notable real-world developments that correlate to bitcoin price gains this week, it appears that talk of a hard fork of the cryptocurrency’s core software is no longer concerning investors who are turning to bitcoin once again. Prices were notably affected in mid-March, falling below $1,000 as investors engaged in a dramatic sell-off with fears of bitcoin being split into two rival coins.
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All time references are in Coordinated Universal Time (UTC).
Image from Shutterstock. Charts from Bitcoin Wisdom.
Last modified: June 14, 2020 9:34 AM UTC