Bitcoin price has gained plenty of ground in an explosion of demand due to Chinese buyers, easily spiking over 10% of its trading value in USD in a 13-hour period that began late Saturday night leading into Sunday noon (UCT).
Bitcoin price rang the $600 mark for the first time since July 2014 and is now trading at its highest ceiling since June 2014 in the Bitstamp Price Index (BPI).
The remarkable rise in the price of the cryptocurrency in recent weeks means that bitcoin is now trading at a 2-year high. Almost to the day two years ago on June 11, 2014, the BPI saw $650.50 at 02:00 AM, which remains the last time bitcoin price crossed the $650 mark. A steep decline the same day had bitcoin price trading at $622 by end of day. Such heights haven’t been seen again, until today.
At the time of publication, the BPI shows bitcoin trading to the USD at $648.
Today’s searing rally began on late Saturday night. At 23:00, Bitcoin price was trading at $586.96 before a surge in buying fueled by demand pushed the value from $596.23 at 23:50 to $608.01, putting a market beyond the $600 milestone at 23:58.
Price then plateaued at $603.40 for over two hours until 02:30 before price jumped again due to increased trading in the Chinese markets early Sunday morning. 20 minutes later, the BPI scaled to $619.43 and increased trading throughout the day left bitcoin price trading at a two-year high at $648.
Charts show a large amount of bitcoin buying among Chinese buyers through the OKCoin exchange. The push also mean that bitcoin is also seeing its highest trading value in Yuan since May 2014.
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All time references are in Coordinated Universal Time (UTC).
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