According to latest report from cryptocoins news, an online source, they say bitcoin has skyrocketed to unprecedented all-time high on the BPI (Bitstamp Price Index) as trading value of cryptocurrency scaled beyond $1400.
Now bitcoin prices are trading at previously uncharted levels since the value of cryptocurrency reached on Monday a high of $1425. The previous high of $1350, was registered on March 10, 2017 amid increased traders’ interest in lead -up to SEC decision concerning bitcoin exchange-traded fund (ETF).
Bitcoin Since the Start of the Year
Since the turn of the year 2017, the value of bitcoin now has risen over 42%, and prices on Coinbase have peaked above $1,460.
This latest surge in prices, according to cryptocoins news, is attributed to part of continuing bullish trend which started in the last quarter of last year. The value of the world’s most renowned cryptocurrency struck an important milestone on January 1, 2017, when prices struck $1000. Bitcoin made history, within a matter of days, and reached gold parity. And that early rise stuck through what’s been a dramatic four months since this year started.
Cryptocoins news says that the crackdown that was led by People’s Bank of China remains the single biggest negative driver in prices the whole of January and February. On January 12, prices fell as low as $750, before recovering.
The Bullish Month of April
In the month of March, the waiting or anticipation of SEC’s decision concerning a bitcoin ETF led to prices hitting all-time BPI of $1350. The rejection of federal agency sent prices plummeting below $ 1000 in a sharp fall to a low of $891, before it bounced back to start a bullish trend in the month of April.
April started with bitcoin establishing reputation as a legal means of making payment in Japan. This legislation has led retailers to make notable moves towards accepting cryptocurrency. As many as 260000 Japanese storefronts are going to be enabled this summer to accept bitcoin as payment.
Emerging markets like India and Russia significantly have changed their previously hardline stance with bitcoin, now with authorities talking about regulating-and acknowledging-cryptocurrency.
Also the last week of April saw the SEC finally announce its decision to review its rejection of bitcoin ETF application, which was filed by the Winklevoss brothers. It appears news of the review has helped step up up a gear bitcoin’s bull run.
The Litecoin Factor
A protocol improvement with Litecoin is one of the factors which have contributed to wider cryptocurrency market making also significant gains. Ethereum, which is the second most popular cryptocurrency, of course after bitcoin, today stuck some new all-time high, and now is valued at $7billion in the overall market capitalization.
Global average prices also struck an unprecedented high of $1433.81. This is according to statistics from BitcoinAverage.
Data from CoinMarketCap shows bitcoin breaking for the first time over the $23billion, complementing cryptocurrency gains this year.