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Bitcoin Price Hits $300 Amid Continuing Price Rally

(@emilyspaven) | Published on October 28, 2015 at 08:34 BST

The price of bitcoin reached $300 today on the CoinDesk Bitcoin Price Index (BPI) for the first time in over three months, continuing a steady climb since mid-September.

The last time the bitcoin price surpassed $300 was on 13th July, when the price reached a high of $310.09, but closed on $290.88.

Today, the price exceeded this marker at around 02:30 UTC before continuing to rise to $301.96, but falling to $299.71 at the time of press.

While the price has increased 30.3% since the beginning of September, it is still considerably lower than it was throughout the same period of 2014.

Bitcoin Price Sept - Oct 2014/2015 Create line charts

The majority of trading in the past 24 hours occurred on Chinese bitcoin exchanges, with 45.18% taking place on OkCoin, 33.43% occurring on Huobi and 5.29% on BTCC, according to data from Bitcoinity. Volumes across the past 30 days tell a similar story.

Bitcoin volume Oct 27th
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The cause of the price increase isn't clear, although some speculate it is down to the recent EU value added tax (VAT) ruling, which recognised bitcoin as a currency and specified it is not subject to VAT. Others indicate Chinese traders fear further currency controls in their country, so are investing funds in bitcoin.

Featured image via Shutterstock.

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