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Newsflash: Bitcoin Price Scales Beyond $570

Newsflash: Bitcoin Price Scales Beyond $570

In keeping up with its recent bullish run, bitcoin price soared to break beyond $570, scaling a near two-year high.

The Bitstamp Price Index (BPI) shoved through the $570 mark today to ring in a high of $574.85. The number represents a price high of nearly two years. On August 11, 2014, bitcoin traded at a high of $590.73 for the day. At the close of that day, bitcoin was trading at $573.98.

Today bitcoin price at USD began at $538 in the BPI. Increased trading saw the day’s first spike begin at 08:00, when bitcoin was trading at $538.84. An hour later, at 09:00, the BPI had already pushed beyond $550. Making steady gains throughout the day, a flurry of trading that began at 16:00 saw the BPI jump from $564.11 to $573.49 in a 20-minute period.

At the time of publishing, the price of bitcoin to USD stood at $573.20.

BPI Bitstamp 040616 573.20

The price of bitcoin began its rally during mid-April this year, setting a 3-month high of $443.69 at the time. Riding that wave, the BPI struck key milestones of $450 and $460 over the next week, all of which were yearly highs. On April 26th, bitcoin price came close tostriking the $470 marker.

Price then plateaued through the first three weeks of May. On May 28, the BPI began trading at $469.40. On the same day, bitcoin price soared to see the cryptocurrency trading at $500.56 at 20:30.

Growing demand from the Chinese market due to a weakening yuan is seen as the reason behind bitcoin’s latest bullish run.