Bitcoin price is making rampant gains as it sticking to the momentum of a run that began last weekend to ring in the $1,100 milestone on the Bitstamp Price Index (BPI). Bitcoin price struck a high of $1,114, today. The cryptocurrency’s value is now trading close to the highs of the year that were seen in the early days of 2017.
The last time bitcoin took a dramatic fall, price fell from $1,065 on midday (UTC), February 9th, to $963, three hours later. The collapse was triggered by two of China’s biggest bitcoin exchanges halting withdrawals of bitcoin, a move that has since been adopted in similar ways among the rest of the bitcoin trading industry in the country, due to regulatory pressure from the People’s Bank of China, the nation’s central bank.
Despite the steep drop, the cryptocurrency took little time to recover. Bitcoin’s value reached $1,000 in the early hours Saturday, 36 hours after the plunge. A week later, over the past weekend, bitcoin showed signs of firmly establishing $1,000 as the new support level and was trading beyond $1,050 on Saturday.
That bullish run isn’t showing any signs of weary legs yet.
Bitcoin floated above $1,060 through most of Monday, before a late flurry of trading saw price leap from $,1061 at 22:45 to reach $1,086.67 in a 45-mnute period. The next sign in flirting with the $1,100 mark came when price jumped from $1,083 at 06:00 this morning, to reach $1,095 in an hour.
The next telling surge began at 10:00, when price leapt from $1,093 to reach a high of $1,114 at midday. Bitcoin breached the $1,100 marker at 11:00.
At the time of publishing, bitcoin is trading at $1,111.
Meanwhile, bitcoin traders in China and other countries around the world are resorting to alternative, decentralized trading platforms like LocalBitcoins, which had a record-setting week globally.
For a live Bitcoin Price chart, click here.
For the 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 BitcoinWisdom.
Last modified: May 21, 2020 10:02 AM