Bitcoin’s strong showing through May continues as prices continue hurtling through uncharted territory. On Tuesday, bitcoin price hit a global average all-time high of $1,753, with prices up 8% over the last 24 hours.
Bitcoin prices trends are sticking with recent patterns as trading activity in Japan continus to push the world’s most prominent cryptocurrency in an upward spiral.
Since the turn of the month, bitcoin has put on $350 from trading $1,366 an all-time high at the time. Altogether, bitcoin price has gained over 750% on the year in what has been a dramatic five months for the cryptocurrency.
The week began with bitcoin trading at $1,553.38 on Monday (Bitstamp Price Index). By midday, BPI topped $1,600 to quickly approach $1,650. At 09:00 on Tuesday (UTC), bitcoin broke beyond $1,700.
At the time of publishing, global bitcoin prices are averaging around $1,730.
Trading in Japanese exchanges led the global market with a third of the volume. Data shows an intriguingly increasing appetite for the cryptocurrency in South Korea, which came third after the USD trading pair, beating the traditionally voluminous trading markets of China.
Bitcoin’s rapid rise coincides with a marked increase in investor interest toward alternative cryptocurrencies, contributing to a soaring rise in the value of the entre cryptocurrency ecosystem that has now topped $50 billion.
Cryptocurrencies like Ethereum, Ripple, Litecoin and Dash have pushed ‘altcoins’ to rise from an overall market cap of $2.2 billion on January 1 to $23.2 billion, a remarkable 1050% increase.
Some traders and speculators have firmly suggested the price tear to be the making of a bubble.
If it hasn’t sunk in yet, just a reminder that we are now in the middle of the biggest cryptocurrency bubble in history. pic.twitter.com/DMVN3yv0Ef
— Tommy World Power (@TommyWorldPower) May 8, 2017
Prominent bitcoin entrepreneur Vinny Lingham added yesterday:
Ripple has a bigger market cap than Ethereum! Anyone who doesn’t think we’re in the middle of a Crypto bubble/manipulated market is naive.
— Vinny Lingham (@VinnyLingham) May 8, 2017
In summing up the year so far, Kraken co-founder and CEO Jesse Powell was bullish in his prediction for the wider cryptocurrency space including bitcoin. Speaking to CCN earlier this month, he stated:
It’s been a big-bang of a year in crypto. Those expecting a red shift will find only green candles in this quickly expanding universe. Bitcoin may have given up its singularity but it’s still the star. If you want to know what the future holds, you need only to look to the sky.
Chart screencaps from BraveNewCoin and CoinMarketCap.
Featured image from Shutterstock.