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