It’s early days in February, following a volatile January for the price of Bitcoin. In recent days, the cryptocurrency has swelled again, with a high pushing beyond $390, gaining over $20 in the space of a day.
The Bistamp Price Index started yesterday, February 4th at $368.55 to rise through the day, leading to a monthly high of $391.880 at 9:00 PM UCT, the same day. At the time of publishing today, the Bitstamp Price Index sees Bitcoin trading at $389.00.
The first signs of a climb showed when Bitcoin price scaled up toward $373.91 at 2:00 PM before a quick spike saw the price shoot up to $383.80 in a matter of ten minutes. The momentum wasn’t lost as Bitcoin traded at a high of $391.18 at 9 PM the same day.
A speculated factor for the surge in the cryptocurrency’s valuation is the weakness of the dollar after industry suggestions that the Fed may not hike rates as expected in March.