Bitcoin price has made significant gains since the early hours of Friday, surging toward $480 in an early day rally.
The Bitstamp Price Index came close to hitting the $480 mark following a surge in bitcoin price that began under an hour after midnight, jumping 5% in a 7-hour window.
At the time of publishing, bitcoin price was trading at $475.66
The rally began around 45 minutes after midnight, with price registering at $452.70 before a 30-minute jump saw bitcoin price trading at $461. Before long, bitcoin price was hovering near the $470 mark at 02:35. At 7 AM (UCT), the cryptocurrency was trading at a new year-high of $477.67.
The increase in price can be attributed to the growing demand from the Chinese market, with a weakening yuan. CCN resident analyst Venzen Khaosan elaborated on the BTC/CNY exchange charts in yesterday’s analysis piece, speculating that the price will eventually strike out for $500.
Bitcoin price had steadied under $450 over the past week, a consolidation period that has now broken into an early Friday rally going into this weekend.
The last rally occurred last month to this very day, with trading hitting a high of $470 in the days following the release of the Segregated Witness (SegWit) code by developers.
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All time references are in Coordinated Universal Time (UTC).
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