Bitcoin (BTC/USD) has continued its hot streak, climbing another 6.5% to $319.50 on Bitstamp.
Today’s rise is likely to be a game changer for bitcoin in 2015. At its peak, it effectively erased all losses from this year.
Should the price hold above $300 for a few more hours, it will also be its longest stretch above the mark this year.
The month-long winning streak, which has added roughly 42% to bitcoin’s value, has been far more gradual than the sudden, speculation-driven spikes above $300 in January and July. Therefore, its chances of lasting into the mid or long terms are better.
was psychologically key and was likely a bullish signal for traders to start buying. Should bitcoin break above $320 and enter positive territory for the year, prices may accelerate higher.
Bitcoin is now trading 27% above its 50-day moving average (MA), which also challenges the highest spreads this year.
Once again, the gains have been sharper than the norm over the past month. There is a wide price disparity between exchanges. Prices hit a peak of $312 on BTC-e $330 on Huobi- a 5.6% gap. In addition to the possible indication of increased instability, the gap also shows that markets still have a way to go when it comes to efficiency.
Some traders may be thinking in seasonal terms. The bitcoin market was exploding this time two years ago, and within a week last year, after which it fell hard to end 2014.
Shares of Bitcoin Investment Trust (OTCMKTS:GBTC) hit a 3-month high of $30.25, which is roughly in line with their equivalent value in bitcoin, and continues their new trend of alignment with bitcoin prices. GBTC’s price premium, which has typically ranged between 10% to 25%, has this month.
Litecoin once again remains uninspired, languishing near $3.05. The LTC/BTC rate thus fell to below 0.01 for the first time since June.
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