28 May 2016. Saturday morning brought with it an unexpected twist taking Bitcoin Price to its pinnacle. Bitcoin price skyrocketed, crossing the $500 mark. As inconceivable as it sounds, it was reported to be as high as high $531.70 on the same day at 06.14 UTC. If we look back at the previous records, bitcoin price hadn’t touched the $500 for almost two years. So clearly, it is an all time high since August, 2014 when the BTC price was last reported to be $532.99.
Nevertheless, this steep rise in the price comes as a surprize since the bitcoin price was looming around $470 just the day before. On friday, it was closed at $473.47 as per the reports of coindesk. But the following day, it literally smashed the barriers and inclined with a percentage rise of more than 12 percent. The BTC price reached the highest of the day at 06.14 UTC which was $531.70 and it was eventually closed at $525.
For all one knows, this drastic incline seemed obvious owing to the recent trends and reports. We also extrapolated about this coming upslope through our blog, Bitcoin Price Surges Towards $500 Mark. However, it appeared uncertain lately when the bitcoin price fluctuations suddenly went sluggish earlier this month. But it turned out to be amazing, proving everyone wrong.
What Might Be The Reasons?
There are various conjectures regarding this abrupt rise and people are linking it with different aspects. Some people are concerned that it might be the result of depreciating Yuan. The Chinese currency continues to fall against the US dollar over the past few days. Moreover, Chinese government imposes strict laws and regulations over the capital and the controls have gotten even more stringent lately. This is one of the reasons why many people are seeking to move the capital out of China. In addition to that, Chinese citizens are looking for different ways to go beyond the capital restrictions. And consequently, the demand of bitcoin is also increasing in the country. So, there might be a straight connection between the two.
Price Analyses Of Last Week
The following table shows the price movements of bitcoin over the last week along with the percentage rise(+) or fall(-) in the BTC value.
|Date||BTC Price||Percentage Change|
It is clear from the table that bitcoin price went through an abrupt rise on May 28, 2016 after which it has been stagnating for a while. As per the recent prognosis, the BTC price is yet to show a momentous change in the coming days. But whether it inclines further or declines, it is not clear just yet and it will be interesting to see what happens next.
The post Bitcoin Price Breaks The Barriers, Crosses $500 Mark appeared first on DigitalCoinsExchange blog.