Share this article
Bitcoin Has Been Trading Above $500 For Record Six Months
Bitcoin prices have now been above $500 for six consecutive months, CoinDesk's Bitcoin Price Index (BPI) reveals.
Updated Sep 14, 2021, 1:58 p.m. Published Nov 28, 2016, 10:01 p.m.
The price of bitcoin reached a new milestone on 28th November, as the day marked six consecutive months that the digital currency's price has traded above $500.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
According to the CoinDesk USD Bitcoin Price Index (BPI), the digital currency first reached the six-month mark at 20:30 UTC, as it rose above $500 on 28th May. At press time, bitcoin was trading above $730 on the BPI.
This time frame represents the longest stretch in history where bitcoin has remained above $500. Even though the cryptocurrency surged to more than $1,100 in late 2013, reaching $1,165.13 on 30th November, it quickly fell back, declining below $500 on 18th December, 2013.
Even discounting this one-day dip in price demand, that period above $500 came to an end in mid-March, marking a sustained value above this market for just over four months.
Putting this in perspective, the digital currency has repeatedly displayed significant volatility, so its ability to remain above this crucial level of $500 for a sustained period might prove promising to those advocating the digital currency.
Some market observers have repeatedly criticized bitcoin's volatility, using it as evidence that bitcoin is not a "real" currency or sound investment opportunity.
This piece is not intended to provide, and should not be interpretted as offering, investment advice.
Hurdle image via Shutterstock
Більше для вас
Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
Що варто знати:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
Top Stories
