The price of bitcoin broke $750 today, building on recent gains to hit a 28-month high.
Bitcoin prices reached $750.37 during the day’s session, the highest since 7th February, 2014, CoinDesk USD Bitcoin Price Index (BPI) figures reveal. The digital currency exceeded its latest milestone of $750 after surpassing $700 early on 13th June, and then nearing $720 later that day.
Of late, bitcoin has benefited from a multitude of factors, including concerns about China’s economy, anticipation surrounding the upcoming halving and fear of a Brexit, and this momentum is showing signs it is continuing to build.
The digital currency suffered a notable drop on 14th June, falling more than 8% and coming within a few percentage points of a correction. While such a decline might have prompted concerns it had become overvalued, the digital currency’s recent gains support the position this was merely a temporary pullback.
Going forward, bitcoin could easily enjoy further appreciation, as data provided by bitcoin trading platform Whaleclub indicates short interest has dwindled to practically zero while long interest has hit an all-time high.
Past that, the digital currency could easily benefit from the visibility that blockchain technology has been generating.
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