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Bitcoin Price Tops $2,100 as Chinese Trading Makes a Comeback

Last Updated March 4, 2021 4:56 PM
Samburaj Das
Last Updated March 4, 2021 4:56 PM

Not content with breaking beyond the symbolic milestone of $2,000, bitcoin price is continuing its bullish gains in soaring further, cracking the $2,100 mark.

The world’s most popular cryptocurrency continues its bull run, gaining nearly 4% since Sunday and beyond 60% since the turn of May. Bitcoin prices leading into Monday in global markets led by the US, China, Japan, Korea, and Europe reached a high of $2,160.03 on average.

Going against the trend set by Japan which led global trading markets in recent months, the US market is, once again, dominating trading this past week with over 31% of the global volume.

Bitcoin price on prominent San Francisco-based exchange Coinbase soared to an all-time high of $2,195, already looking toward the next milestone.

Intriguingly, China accounts for nearly 24% of the global trading volume, making a comeback following a months-long withdrawal freeze at bitcoin exchanges. Talk of the investigation by the People’s Bank of China – China’s central bank – coming to an end with the possible resuming of bitcoin withdrawals in June appears to have renewed interest among Chinese traders.

This has led to the spread between CNY and USD bitcoin prices closing down from 30% at the turn of the month to near parity today. On OkCoin China, the largest Chinese bitcoin exchange by trading volume over the past 24 hours, bitcoin is trading at ¥14,832, approximately $2,151. Current prices on Coinbase and Bitfinex are $2,165 and $2,148 respectively.

The huge drop in the difference in bitcoin prices between Chinese and US exchanges shows a significant investment coming into bitcoin.

Altogether, Asian markets led by China, Japan, and Korea account for more than half of bitcoin trading globally.

Bitcoin’s continuing surge now sees the cryptocurrency top $35 billion in its total market cap of all 16.3 million bitcoins mined out of the maximum supply of 21 million.

Charts from BNC, CryptoWatch, and CoinmarketCap.

For a real-time bitcoin price chart, click here.

Featured image from Shutterstock.