Bitcoin price is rampant in its gains as it continues to push ahead, stepping up a gear since the turn of the year.
At the time of publishing, bitcoin is trading at $1,139.9 on the Bitstamp Price index (BPI) and is closing in on the all-time high of $1163, a figure scaled on November 29, 2013.
Over the last 24 hours, bitcoin price has made gains of over $110 reaching a high of $1,129.90 on the BPI today.
The newest rally began in the late hours on Tuesday night (UTC), as price chalked $1,022.99 at 23:00 last night. An hour later, price reached $1,035.99. A steady trading period saw price plateau around the $1,045 mark before another surge began at 07:00. By midday, price on the BPI reached $1079.
At 14:00, price was at touching distance of the next milestone, chalking in at $1,097.25. Although price took a steep correction toward $1,079.37 a mere thirty minutes later, a strong pullback helped bitcoin price rebound in the coming hours to ring in the $1100 milestone at 17:10. A trading flurry helped price push toward a new 3-year-high of $1139.9.
In a single 24-hour period, bitcoin’s value has gained over 10%.
At the time of publishing, bitcoin’s value to the dollar on the BPI stands at $1138.01
The soaring value of bitcoin now sees the popular cryptocurrency’s total value in the market at over $18 billion. Since the turn of the year, bitcoin price has swelled over 18% in value. The cryptocurrency’s market cap has leapt nearly $3 billion from $15.4 billion to $18.35 billion, at the time of publishing.
The bullish trend continues in a price run that is speculatively driven by soaring bitcoin trading volumes in China, where bitcoin price has already reached an all-time high in a few major exchanges.
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For the most recent bitcoin price analysis piece from CCN analyst Jim Fredrickson, click here.
All time references are in Coordinated Universal Time (UTC).
Image from Shutterstock. Charts from BitcoinWisdom and CoinMarketCap.
Last modified: May 21, 2020 10:09 AM UTC