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Aug 04, 2017 02:31 AM IST | Source: Moneycontrol.com

Bitcoin breaks past $1500-mark, could crack $1600 soon

Today bitcoin broke past the USD 1,500 mark and made a new record high of USD 1,540, as per CoinDesk price index.

BySidhartha Shukla
Bitcoin breaks past $1500-mark, could crack $1600 soon

The price of bitcoin has been on a roll recently, continuously hitting new highs in the past few trading sessions.

It broke past the USD 1,500-mark in trade Thursday to make its next record high of USD 1,540, as per CoinDesk price index.

Many speculate that this rally, fueled by the US and Japan, could be due to the US Securities and Exchange Commission's (SEC) plan to reexamine its decision to refuse the Winklevoss Bitcoin ETF.

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As the chance of a hard fork seem to be fade and the community warms up to the idea of segwit instead of bitcoin unlimted, there is more clarity on how the technology will tackle the scalability issue which is infusing more confidence in the digital currency.

This has also reduced the volatility of bitcoin price fluctuation and as per the bitcoin volatility index, its 30-day volatility against the US dollar (measured by standard deviation of daily returns) has come down to 1.65 percent from levels of 16.11 percent back in 2011.

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Year-to-date (YTD) the price of bitcoin has appreciated by 50 percent. It is expected to rise further post the French election and as India takes a call on the status of cryptocurrency's in the country.

Bitcoin prices are currently averaging at USD 1,531, according to data from the BPI.

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