The price of bitcoin reached a new milestone on 28th November, as the day marked six consecutive months that the digital currency’s price has traded above $500.
According to the CoinDesk USD Bitcoin Price Index (BPI), the digital currency first reached the six-month mark at 20:30 UTC, as it rose above $500 on 28th May. At press time, bitcoin was trading above $730 on the BPI.
This time frame represents the longest stretch in history where bitcoin has remained above $500. Even though the cryptocurrency surged to more than $1,100 in late 2013, reaching $1,165.13 on 30th November, it quickly fell back, declining below $500 on 18th December, 2013.
Even discounting this one-day dip in price demand, that period above $500 came to an end in mid-March, marking a sustained value above this market for just over four months.
Putting this in perspective, the digital currency has repeatedly displayed significant volatility, so its ability to remain above this crucial level of $500 for a sustained period might prove promising to those advocating the digital currency.
Some market observers have repeatedly criticized bitcoin’s volatility, using it as evidence that bitcoin is not a “real” currency or sound investment opportunity.
This piece is not intended to provide, and should not be interpretted as offering, investment advice.
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