The price of bitcoin passed $448 for the first time in two months today on the CoinDesk USD Bitcoin Price Index (BPI) to reach a press-time total of $448.50.
The figure was the highest observed on the CoinDesk USD BPI since 21st February, when the price hit an inter-day high of $448.29.
This notable climb helped bitcoin break the pattern of the last several weeks, when it fluctuated primarily within a tight range.
For the month through 12:00 UTC on 21st April, the digital currency’s price closed between $410 and $430 in what had been heralded as its longest period of stability for some time.
Still, bitcoin stayed within this range for a reason, as market observers were watching the digital currency’s community to see whether it would make any progress on the fundamental issues facing its technology.
While some have been disappointed with the bitcoin community’s apparent lack of progress toward a technical fix that would adjust its capacity, developers took a small step forward by releasing the code for the Segregated Witness (SegWit) proposal on 20th April.
The update to the bitcoin protocol would allow blocks to contain more data by removing the part of the transaction that holds the digital signature. However, the community had not yet implemented the update at the time of report.
Charles L. Bovaird II is a financial writer and consultant with strong knowledge of securities markets and investing concepts.
Follow Charles Bovaird on Twitter here.
Forex data image via Shutterstock
Disclosure Read More
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.