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Bullish Bitcoin Price Breaks Beyond $1,300

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

Bitcoin price is booming as April winds down, reaching a high of $1,311.9 (and climbing) on the Bitstamp Price Index (BPI). As it stands, bitcoin is within $50 of its all-time high of $1,350, scaled last month.

Bitcoin price chart from March on Bitstamp. Chart courtesy: BitcoinWisdom

Buoyed by yesterday’s SEC decision to review its own decision of rejecting the Winklevoss bitcoin ETF in March this year, the bullish gains shown by bitcoin price has kicked up a gear, pushing above $1,300 in a continuing rally.

Wednesday’s surge started to take shape around midday UTC, with price trading above $,1280. An hour later, BPI prices shot upwards of $,1290 before scaling the new milestone of $1,300 at 15:30. At 16:15, bitcoin was trading at a new April high of $1,311.9.

On Bitfinex, an exchange that saw significant bitcoin trading leading up to its freeze on USD wire deposits, bitcoin is trading at a near $100 premium with price reaching beyond $1,400.

Bitcoin trading price on Bitfinex has topped $1,400. Chart courtesy: BitcoinWisdom

Ironically, the trading frenzy during the lead-up to last month’s SEC decision whipped up prices to scale the all-time high of $1,350 on March 10, hours before the decision went public. When the SEC’s disapproval for the Winklevoss ETF became apparent, prices crashed below $1,000.

On a global average of trading values across exchanges, data from BitcoinAverage  shows bitcoin price reach an all-time high of $1,304.06. At the time of publishing, bitcoin is trading to the dollar at $1,303.77.

These gains have pushed the total value of all bitcoins mined thus far to be valued at over $21 billion for the first time, with nearly 16.3 million bitcoins mined out of the total supply of 21 million, according to CoinMarketCap .

Altogether, bitcoin has gained over 22% since the turn of April, going by BPI data. It has been a significant month for the entire cryptocurrency ecosystem, which is now valued at above $30 billion.

For a live BTC Price chart, click here.

All time references are in Coordinated Universal Time (UTC).

Image from Shutterstock.