After a flat period, bitcoin is back, rallying through the $600 level today. The cryptocurrency, which had zipped north of $1,000 in late 2013, fell under the $400 mark this year on lessened media interest and the implosion of Mt.Gox, an exchange, among other issues.
Even at the $600 mark, bitcoin is down nearly 50 percent from its 52-week high. Coinbase has the current price at $613, Blockchain $609, and Bitcoin Average has a slightly more conservative $607 tally.
Here’s the one-year USD chart via Blockchain:
As noted before by TechCrunch, total transaction volume as measured by the total number of unique transactions is largely flat. However, bitcoin per transaction is up. Given that we’re seeing a rally, it’s implied that people are buying increasingly large chunks of the cryptocurrency.
Nothing too large, mind you. Total traded bitcoin in the past 24 hours is only around $29 million.
When bitcoin fell below $400 I asked if $300 or $500 would be its next major dollar threshold. The market, after kicking bitcoin repeatedly over a multi-month period appears to be back in love.IMAGE BY Bryce Durbin