Bitcoin price is booming, as trading volume exceed $400 million in a day’s stretch while price continues to swell to new highs.
Bitcoin has set a new all-time high every day in March. With a high of $1,208 on February 28th, bitcoin pushed upwards to a new high of $1,231 on the first day of the month. Yesterday, bitcoin price peaked to a high of $1,283 on the Bitstamp Price Index (BPI). On the fourth consecutive day of hitting an all-time high, bitcoin soared to $1,298, within touching distance of the $1,300 milestone.
The day began with bitcoin correcting itself near $1,250 after yesterday’s high. However, the rebound took shape at 07:00 UTC when bitcoin price spiked from $1,257 to scale above $1,275.84 in a two-hour period. The next and seemingly unstoppable surge started at 09:50, when price rose from $1,279 to a then all-time high of $1290, forty minutes later.
A brief dip followed before price took off again, touching $1,298 at 13:00 today, a new all-time high for the world’s most prominent cryptocurrency.
At the time of publishing, bitcoin price to the dollar is closer to yesterday’s highs, at $1,278.
Meanwhile, bitcoin trading volume has now scaled above $400 million, according to CoinMarketCap figures, showing the frenetic activity that’s pushing bitcoin to unprecedented highs.
In China, BTC/CNY figures from OkCoin - one of the ‘big three’ Chinese bitcoin exchanges – which saw over ¥117 million in trading volume despite the ongoing withdrawal freeze, scaled to a new high of 50-day high of ¥8400 and is within ¥500 of an all-time high. Notably, trading activity in China is encumbered by the month-long withdrawal freeze and is a vastly different market compared to early January when exchanges allowed margin (loan) trading, a practice that was swiftly put to an end after involvement by the People's Bank of China.
For a live Bitcoin Price chart, click here.
For today’s bitcoin price analysis piece from CCN analyst Jim Fredrickson, click here.
All time references are in Coordinated Universal Time (UTC).
Image from Shutterstock. Charts from Bitcoin Wisdom.
Last modified (UTC): March 3, 2017 3:50 PM