Bitcoin Prices Break $500 Barrier to Hit 20-Month High

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Bitcoin prices broke through $500 on 28th May, building on the previous day’s momentum to reach a level not seen since August of 2014.

The sharp increase notably helped extend the digital currency’s recent rally, which has provided a stark contrast to the relative stability bitcoin experienced in the last several weeks and for much of the first half of 2016.

Overall, Saturday’s move represented a 5.8% increase from its opening value of $473.47, a sharp rise that added to a 4.3% gain that took place on 27th May.

The digital currency first broke through the $500 level between 06:00 and 06:14 UTC on the 28th, eventually reaching a high of $531.70 for the day. At press time, the price had sagged somewhat, though prices remain $50 higher than just two days before.

During the run, prices hit their highest level since 21st August of 2014, when the price of bitcoin reached a high of $532.99 on the CoinDesk USD Bitcoin Price Index.

Robust Optimism

Aside from the price increases, however, there was no clear verdict on whether the run would continue.

Data provided by bitcoin trading network Whaleclub suggests long-short ratios reached record levels of 15:1 over the last few

Read more ... source: TheBitcoinNews