Bitcoin Hits a New All-Time High Beyond $2,850

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Bitcoin’s meteoric rise continues as the price of the cryptocurrency hits a new all-time high of $2,877 on the Bistamp Price Index (BPI).

Bitcoin price has now breached beyond its previous al-time high of $2,760 on May 26 to reach a new all-time high in the early hours of Tuesday, June 6th. The month began with bitcoin trading around the $2,300 figure and today’s milestone represents a 25% gain in value in June.

On a global average, bitcoin prices reached a high of $2,878 on the BNC index., with nearly $300 million in trading volume over a 34-hour period.

Bitcoin’s gains have been fueled by increasing trading volumes in Asian markets, particularly China, Korea and Japan. Data over a 24-hour trading volume from Coinhills points to Tokyo-based bitFlyer being the second-most voluminous exchange for bitcoin, at nearly 8.5% of the world’s volume.

Data from CoinMarketCap reveals a significant sell-off of Ethereum into Bitcoin (ETH/BTC).

Gone are the days when Asian markets saw witnessed significant premiums. On May 25, bitcoin was being traded above $3,800 in South Korea, compared to global average bitcoin prices at just over $2,500.  At the time of publishing, bitcoin is being traded at roughly $2,960, about a $120 premium over USD markets. Bitcoin exchanges in Korea and Japan are far more equipped to provide supply for the soaring demand now.

A speculative theory is that Chinese investors have pulled out of those markets after exchanges in China resumed bitcoin withdrawals in Jun. New regulatory-compliant Chinese exchanges have emboldened investors’ interest, providing a shot in the arm to bitcoin and the wider cryptocurrency ecosystem.

At the time of publishing, bitcoin’s total market cap is valued above $46 billion, a 300% growth since the turn of the year when the total value of all mined bitcoins stood at just over $15 billion.

Since the turn of the year, bitcoin has now gained over 185% in value.

Charts from CoinMarketCap, BitcoinWisdom and BNC.

Featured image from Shutterstock.

Last modified: June 10, 2020 4:35 PM UTC

Samburaj Das @sambdas

Samburaj is the Chief Editor of CCN.com, one of the earliest and foremost publications covering blockchain, cryptocurrency, and financial technology news. He has authored over 2,000 articles for CCN.com. Reach him at samburaj@ccn.com. Visit his LinkedIn profile here or his Muck Rack profile here.