Bitcoin price has made significant gains since the early hours of Friday, surging toward $480 in an early day rally.
The Bitstamp Price Index came close to hitting the $480 mark following a surge in bitcoin price that began under an hour after midnight, jumping 5% in a 7-hour window.
At the time of publishing, bitcoin price was trading at $475.66
The rally began around 45 minutes after midnight, with price registering at $452.70 before a 30-minute jump saw bitcoin price trading at $461. Before long, bitcoin price was hovering near the $470 mark at 02:35. At 7 AM (UCT), the cryptocurrency was trading at a new year-high of $477.67.
The increase in price can be attributed to the growing demand from the Chinese market, with a weakening yuan. CCN.com resident analyst Venzen Khaosan elaborated on the BTC/CNY exchange charts in yesterday’s analysis piece, speculating that the price will eventually strike out for $500.
Bitcoin price had steadied under $450 over the past week, a consolidation period that has now broken into an early Friday rally going into this weekend.
The last rally occurred last month to this very day, with trading hitting a high of $470 in the days following the release of the Segregated Witness (SegWit) code by developers.
For a live Bitcoin Price chart, click here.
All time references are in Coordinated Universal Time (UTC).
Featured image from Shutterstock.
Samburaj is Editor of CCN.com, one of the earliest and foremost publications covering blockchain, and financial technology news. Now focusing on Markets, Showbiz, Sports, and Gaming. He has authored over 2,000 articles for CCN.com. Reach him at [email protected]. Visit his LinkedIn profile here.
