Bitcoin Price Hits $420 Amid Sideways Market Movement

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

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Though the scaling debate remains in progress, bitcoin enjoyed both price stability and high trading volume in the seven days through 12:00 UTC on 11th March. Market participants traded more than 35m BTC during the seven days through 1:30 p.m. (EST), Bitcoinity figures reveal.

These trends were similar to the prior week, when bitcoin prices fell less than 1% and market participants traded more than 28m BTC.

Elsewhere, bitcoin prices crept higher between 12:00 UTC on 4th March and 12:00 UTC on 11th March, rising from $419.60 to $420.86, according to the CoinDesk USD Bitcoin Price Index (BPI). This represented a 0.2% gain.

The digital currency did experience some volatility during the week, however, as the community continued to debate whether the network was facing capacity issues.

Data from shows that many data blocks this week were full to capacity with transactions, a move that industry businesses have asserted is the cause of customer complaints.

Perhaps accordingly, the currency plunged to $393.18 by 16:00 (UTC) on 5th March, a 7% decline from 12:00 UTC

Read more ... source: TheBitcoinNews