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Bitcoin soars past the $490 mark, hitting a yearly high in the process

By Shawn Knight
Nov 4, 2015
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  1. Bitcoin, the volatile cryptocurrency that was all the rage in late 2013 when it peaked at an all-time high of more than $1,100, is on the rise once again.

    After a rough January that saw the virtual currency dip below $200 to $177.28, Bitcoin regained some value and has been hovering around the $250 mark for the past few months. Over the past week, however, its value has climbed at an astronomical rate that’s surely putting smiles on the faces of those that have been weathering the storm and holding onto their investments.

    As of writing, the CoinDesk Bitcoin Price Index reveals that trading opened at $400.71 today and reached a high of $492.40 before dipping back a bit to $474.84. The daily high also marks a yearly high for Bitcoin.

    The obvious question at this point is, what’s fueling the sudden growth and excitement?

    Experts agree that it’s probably not one single event but a combination of multiple things. As The Wall Street Journal notes, loads of positive press about Bitcoin’s underlying mechanics known as the blockchain could certainly be impacting trading. New capital controls in China may also be a contributing factor.

    Trading volume is clearly on the rise. The Journal notes that Bitcoin exchange BTCC was averaging around 20,000 Bitcoins per day in early September, a figure that’s since jumped to around 80,000. That’s close to the exchange’s one-day record of 90,000, CEO Bobby Lee said.

    The ceiling on the current surge is unknown although it seems unlikely that it’ll break $1,000.

    Permalink to story.

     
  2. Skidmarksdeluxe

    Skidmarksdeluxe TS Evangelist Posts: 6,476   +2,034

    Is this Bitcoin stuff still around? I hadn't heard about it for so long that I had hoped the world would have forgotten about it.
     
  3. stewi0001

    stewi0001 TS Evangelist Posts: 1,181   +528

    I guess someone is still wheeling and dealing
     
  4. cliffordcooley

    cliffordcooley TS Guardian Fighter Posts: 8,549   +2,894

    Yeah they are still gambling, the casino currency will always be around.
     
  5. H3llion

    H3llion TechSpot Paladin Posts: 1,254   +222

    I feel old, too late to the game of Bitcoin :(
     
  6. yRaz

    yRaz TS Evangelist Posts: 1,897   +940

    Demand for bitcoin in china right now is so high that the exchanges located there are often charging $20 above spot price. There are many Chinese exchanges that are simply out of Bitcoin. People in china are eager to buy bitcoin because it's safer and more powerful than their own currency. This had been made even easier due to the fact that Bitcoin has been labeled by the Chinese government as a currency and can be traded just like FOREX, tax free.

    With Bitcoin now being recognized by the chinese government, large business can make purchases directly in bitcoin. If bitcoin "trickles up" to the big business level then the value of the currency will sore.
     
  7. RzmmDX

    RzmmDX TS Guru Posts: 305   +62

    Nothing beats using currency primarily used by cyber criminals!
     
  8. davislane1

    davislane1 TS Evangelist Posts: 3,540   +2,337

    Nothing beats using a currency primarily controlled by financial criminals.
     
    treetops likes this.
  9. infiltrator

    infiltrator TS Booster Posts: 141   +21

    I wish I could go back to mining again, but the Asic units are just too expensive....
     
  10. treetops

    treetops TS Evangelist Posts: 1,951   +162

    If I lived in a third world country id be selling wow gold for bit coins.
     
  11. rogueh4

    rogueh4 TS Rookie Posts: 17

    Dang and I was considering buying some BTC earlier in August....and I didn't

    *kicks himself*
     

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