Bitcoin Price Breaks $450 as Global Markets Turn Positive

Markets Weekly is a column analyzing price movements in the global digital currency markets, and the technology’s use case as an asset class.

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The price of bitcoin broke past $450 this week, as markets rallied in response to perceived progress surrounding the network’s block capacity dilemma.

The price breakout, which took place as the digital currency surged more than 6% in the seven days through 12:00 UTC on 22nd April, ended the pattern of the last several weeks, when bitcoin fluctuated largely within a tight range.

“Traders have been watching the psychological price barrier of $450 for a long time,” Joe Lee, founder of bitcoin derivatives trading platform Magnr, told CoinDesk.

He added:

“Now that was broken earlier in the week by every major exchange, eyes are on the bullish trend continuing with $480 and $500 as target prices for the three-to-six month timeframe.”

Volume still modest

Interestingly enough, bitcoin’s sharp rise took place amid more modest weekly trading volumes.

Market participants traded 12.96m BTC during the seven days through 7:12 EST on 22nd April, according to Bitcoinity data. As in recent weeks, OKCoin and Huobi were responsible for 49.46% and 44.6% of these transactions, respectively.

By comparison, the ether markets

Read more ... source: TheBitcoinNews