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The Price of Bitcoin is Now Double What It Was One Year Ago
Global bitcoin prices were more than double their total last year, reaching $470 on the CoinDesk BPI today.
Bitcoin prices have more than doubled over the last year, enjoying a period of reasonable growth as the digital currency continues to establish its legitimacy.
STORY CONTINUES BELOW
Global bitcoin prices reached an inter-day high of $470.16 on 26th April, more than 100% above the inter-day high of $219.93 reached on the same day in 2015.
The digital currency has been experiencing a steady, upward climb over the last week, breaking through key price levels of $440, $450 and $460 as markets respond to the latest progress made toward addressing the blockchain block capacity dilemma.
The currency surpassed $440 on 20th April, the day after developers released Segregated Witness, code for a protocol update that would allow blocks on the bitcoin blockchain to hold a greater number of transactions.
Bitcoin has continued to benefit from this momentum, climbing past $450 on 21st April and $460 on 24th April. This ascent continued until the currency rose reached the aforementioned price of $470.16 at 18:00 UTC on 26th April.
The growth bitcoin prices enjoyed over the last week provides a contrast to the holding pattern they experienced in the several weeks beforehand. For roughly a month before the recent rally, bitcoin prices were locked in a range between $410 and $440.
The upward movement experienced through the week ending 26th April also provides a contrast to the sharp gains bitcoin experienced in late 2013, when its price skyrocketed from roughly $200 to more than $1,000.
Charles L. Bovaird II is a financial writer and consultant with strong knowledge of securities markets and investing concepts.
Follow Charles Bovaird on Twitter here.
Elephant and dog image via Shutterstock
Charles Lloyd Bovaird II
Charles Lloyd Bovaird II is a financial writer and editor with strong knowledge of asset markets and investing concepts. He has worked for financial institutions including State Street, Moody's Analytics and Citizens Commercial Banking. An author of over 1,000 publications, his work has appeared in Forbes, Fortune, Business Insider, Washington Post, Investopedia and elsewhere. An advocate of financial literacy, Charles created all the industrial finance training for a company with more than 300 people and spoke at industry events across the world. In addition, he delivered speeches on financial literacy for Mensa and Boston Rotaract.
