Bitcoin is in a massive bull run, breaking all previous records including all time highs for the price and overall market cap.
The price of Bitcoin continues to reach new levels, hitting an all time high of $1829.91 this morning, up $151.25 since yesterday. You can see the hockey stick form over the weekend and just skyrocket in the chart image below taken from the Bitcoin Global Price index.
The reason for the spike is not completely known, but some have speculated of institutional investors finally getting their feet wet in the digital currency.
Although the rumors are helping to fuel the bull run, there are many factors that are going into the rise of the price.
News this week said that the state of Vermont passed a new bill adding Bitcoin as a ‘permissible investment’ for money service businesses. Additionally, in Japan the government recently said they will recognize Bitcoin as a payment method, driving a lot of interest from Asia. Also observed this week is that the French election results also boosted Bitcoin prices higher.
Another notable event that many aren’t talking about is the biggest Bitcoin exchange Bitfinex has become more stable and prices on the exchange have normalized over the past week, suggesting they have been able to resolve or partially resolve their fiat banking issues.
You can see in the chart above how the price of Bitcoin on Bitfinex is now closely aligned with other exchanges as the spread lessens.
Bitfinex announced late last week that they have engaged an auditor for a comprehensive audit of their balance sheet, due this summer. Other exchanges seeing high volume during this rally are GDAX, Bitstamp, LakeBTC, and BTC-e.
Bitcoin is close to a $30 billion market cap
Not only is Bitcoin shattering all time prices, it’s very close to reaching a $30 billion market cap.
As of this writing, the total Bitcoin market cap reached $29.86 billion, just shy of hitting the $30 billion marker. On Monday morning the market cap began at $26 billion, with over $3 billion being invested into Bitcoin in the past 24 hours.
Overall exchange trading volume is also seeing high volume, reaching $241 million in trading (buys and sells) as of this morning.