The world’s most prominent cryptocurrency became more valuable today as bitcoin prices scaled beyond $1,800 for the first time on Thursday. On Bitstamp, bitcoin price reached a record high of $1,892.
Another day and another peak scaled by bitcoin. Average global prices reached a high of $1,850.75 (BraveNewCoin Index) while BTC/USD trading on Bitfinex hit an overall record high of $1,908.1.
San Francisco-based Coinbase registered a peak trading value of $,1889 on Thursday.
The cryptocurrency’s remarkable gains come in a month that has seen its value spiral upwards as prices jumped over $100 during Thursday’s trading following Wednesday.
At the time of publishing, global bitcoin price is averaging above $1,830.
Since the turn of May, bitcoin has put on over $500, gaining nearly 40% in value.
Bitcoin’s significant strides in value coincides with a number of soaring gains witnessed in the wider cryptocurrency ecosystem, with the likes of Ripple, Litecoin and Ethereum leading the way in the alternative cryptocurrency boom.
While market speculators and crypto-entrepreneurs point to a bubble in altcoins’ gains, publications like Fortune are crediting yesterday’s bitcoin spike to Minneapolis Federal Reserve chief Neel Kashkari, who spoke about the potential of blockchain technology this week while taking a dig at cryptocurrencies like bitcoin.
The total value of all bitcoins mined is now worth over $30 billion, according to CoinmarketCap.
Altogether, bitcoin has now gained 85% in value since January 1, 2017.
Featured image from Shutterstock. Charts from Bitcoinwisdom.
Last modified: May 21, 2020 9:49 AM UTC