Bitcoin price is on an advance, pushing ceilings higher after scaling $440 to reach $450 last week. On Sunday, bitcoin price scaled to $460. In the early hours of Monday, the Bitstamp price index was trading at a new record high for the year at $470.02.
The price of bitcoin is going from strength to strength, within a weak of the release of the code for Segregated Witness (SegWit), the much-awaited upgrade to the bitcoin protocol that will help enable more transactions within a single block of the blockchain.
At the time of publishing, bitcoin price was trading at $458.74.
The newest surge beyond $450 began at 7:05 PM (UTC) on April 24, with price jumping up to $459.44 in under 15 minutes. Within the hour, the price broke $460 before peaking at $463.44 at 8:00 PM.
The increase in bitcoin price comes soon after the release of the SegWit code, a touted temporary solution for the block size congestion that will help scale block capacity, until a hard fork is implemented.
The release of the code is likely to be the significant factor behind the continued rise of the price of bitcoin over the past week, helping with a more positive outlook in a year that began with former Bitcoin Core developer Mike Hearn stating that Bitcoin had failed.
Bitcoin and cryptocurrency enthusiasts will also remember a notable development from last week wherein the world’s largest PS gaming store and distributor – Steam, was revealed to be gearing up bitcoin implementation as a payment method to its base of some 125 million active users.
Although an official announcement is yet to be made, the rumors and speculation surrounding Steam’s acceptance of Bitcoin is likely to see the gaming platform use the services of bitcoin payment processor BitPay.
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All time references are in Coordinated Universal Time (UTC).
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