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).