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

Last Updated March 4, 2021 4:57 PM
Samburaj Das
Last Updated March 4, 2021 4:57 PM

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.