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. This may have led to the strengthening of Bitcoin when pitted against a weakening dollar.
Just under a month ago, the Bitstamp Price Index saw a similar surge to scale over $20 in a 10-hour period to peak beyond $450.
At the time, the major financial news event of the day was the forced ‘circuit breaker’ shut-down of major stock exchanges in China after Chinese stock markets plunged during the opening week of 2016.
For a live Bitcoin Price chart, click here.
All time references are in Coordinated Universal Time (UTC).
Featured image from Shutterstock.