Bitcoin Hits Four-Month High in Push Past $460

The price of bitcoin reached an inter-day high of $464.24 today to reach its highest total in more than four months.

The news comes as the digital currency built on the previous week's gains, when it broke past the $450 mark on renewed optimism that a solution to the network's perceived transaction capacity issues may be forthcoming.

So far today, the bitcoin price has mostly moved within a tight range between $458 and $461. The digital currency reached a low of $455.99, but had recovered to $463.86 at the time of report.

Bitcoin's inter-day price last exceeded $465 on 19th December, CoinDesk USD Bitcoin Price Index figures reveal. At the time, bitcoin had been gaining new momentum as it hit annual highs for 2015.

But the latest move comes as the bitcoin price breaks what market observers have said are psychologically important price points of both $440 and $450.

The increase further comes in the wake of the release of the code for Segregated Witness (SegWit) and before the anticipated halving of rewards for bitcoin miners, a change to the network's operation expected to take place in July.

The digital currency’s recent gains provide a contrast to the month ending 25th April, as the currency fluctuated between $410 and $430 for most of this period.

Charles L. Bovaird II is a financial writer and consultant with strong knowledge of securities markets and investing concepts.

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