Bitcoin Price Rockets To One-Year High on Record Volumes

Dec 11 - coindesk-bpi-chart

Correction: Article has been updated to reflect that one-year high is based on BPI closing prices. 

The price of bitcoin has hit its highest closing price in the last year, trading at $436 and climbing at press time, according to the CoinDesk Bitcoin Price Index.

Bitcoin has gained an astonishing $115 or 36% over the last four days. It was changing hands for $320 a coin on 8th December. The price briefly touched $500 on some exchanges on 4th November before dropping under $400 in the following days.

The strong rally is accompanied by record-breaking trading volumes on bitcoin exchanges. On 5th December 3.49 million bitcoins were traded across all exchanges tracked by data provider Bitcoinity. This smashed the previous record for daily traded volume established just days prior, on 26th November, of  2.86 million coins traded.

Trading volume has remained robust since its high watermark, with daily trading consistently closing above the 2 million BTC level.

Falling Yuan

Dec 11 - Volume Chart Bitcoinitypm

Market-watchers offered theories ranging from the falling price of the yuan, to the media hoopla around a supposed unmasking of Satoshi Nakamoto by two prominent technology publications, to an abundance of positive newsflow around the blocksize debate.

Daniel Masters, who runs the

Read more ... source: TheBitcoinNews