In keeping up with its recent bullish run, bitcoin price soared to break beyond $570, scaling a near two-year high.
The Bitstamp Price Index (BPI) shoved through the $570 mark today to ring in a high of $574.85. The number represents a price high of nearly two years. On August 11, 2014, bitcoin traded at a high of $590.73 for the day. At the close of that day, bitcoin was trading at $573.98.
Today bitcoin price at USD began at $538 in the BPI. Increased trading saw the day’s first spike begin at 08:00, when bitcoin was trading at $538.84. An hour later, at 09:00, the BPI had already pushed beyond $550. Making steady gains throughout the day, a flurry of trading that began at 16:00 saw the BPI jump from $564.11 to $573.49 in a 20-minute period.
At the time of publishing, the price of bitcoin to USD stood at $573.20.
The price of bitcoin began its rally during mid-April this year, setting a 3-month high of $443.69 at the time. Riding that wave, the BPI struck key milestones of $450 and $460 over the next week, all of which were yearly highs. On April 26th, bitcoin price came close to striking the $470 marker.
Price then plateaued through the first three weeks of May. On May 28, the BPI began trading at $469.40. On the same day, bitcoin price soared to see the cryptocurrency trading at $500.56 at 20:30.
Growing demand from the Chinese market due to a weakening yuan is seen as the reason behind bitcoin’s latest bullish run.
For a live Bitcoin Price chart, click here.
For today’s bitcoin price analysis piece from CCN resident analyst Venzen Khaosan, click here.
All time references are in Coordinated Universal Time (UTC).
Featured image from Shutterstock.