Whoa! Did you see that?
Bitcoin price has suddenly surged to reach the $500 mark. Until Friday, the digital currency has been hovering around the $450 mark before it started to exhibit an upward trend gaining about $50 within a span of two days.
The volatility associated with cryptocurrency prices is a well-known fact, which is mainly due to the demand and supply of the crypto assets for trading. The current surge in Bitcoin price has been attributed to increased trading activity in China and Korea, a 10% premium has been there in these countries for a very long time.
The price rise was first observed in the Chinese exchanges. OKCoin and Huobi were the first bitcoin platforms to see an increased demand for the digital currency, resulting in the price to rush past the $500 mark in no time. But the increase in price has been a bit slow to catch up with the Western market. The last time Bitcoin price crossed $500 was during the month of November 2015, when it briefly spiked to cross the $500 mark only to settle back $400-$450