The price of bitcoin has not reached the heights of $466 since September 2014. Then it was still in free fall from the dizzying heights of $1,200 at the peak of the bitcoin frenzy in December 2013. Now the price of bitcoin has finally returned to the level it last reached 18 months ago as the world’s most valuable cryptocurrency shows signs of breaking the $500 mark for the first time in two years.
According to CoinDesk’s USD Bitcoin Price Index, the cryptocurrency’s price peaked at $466.45 on Tuesday, as it continued to sustain a two-week surge. Prior to this recent uptick in price, bitcoin had seen a month of relatively stable pricing when it fluctuated between $410 and $430 — a very rare occurrence for bitcoin.
The reason for the current positive interest in bitcoin is still unclear, but it is likely related to the launch of a new piece of code that is set to improve the number of transactions the bitcoin network can handle at one time. Called Segregated Witness, or SegWit, and first proposed in December, the code is seen as an interim measure before a proposed “hard fork” of the bitcoin network, which would see a new blockchain created with larger blocks.