Bitcoin price is back in all-time high territory as it just surpassed $1,275 amid a steady uptrend in recent weeks.
Bitcoin Price Hits New Highs, Back Above Gold
The price of one bitcoin now sits at $1,283 USD at the time of writing, according to Bitcointicker.co.
The last time BTC was breaking its all-time high was in early March amid the COIN ETF euphoria. At the time, the price spiked to as high as $1,350 on some exchanges.
Worth mentioning is the glaring price difference among various exchanges, particularly Bitfinex, where one BTC sells for $1,377. You can read more about why this is happening here.
The previous official all-time high was established as somewhere around the $1,275 mark, which has now been broken. Moreover, Bitcoin is now back above gold price per ounce or $1,264.09 per ounce, according to gold.org.
In the beginning of March, when BTC first overshot gold price, it was hailed as a “historic” moment by some economists. As Bitcoinist pointed out, however, Bitcoin still has a long way to go before matching the total gold market. In terms of market capitalization, Bitcoin is a tiny 1/500th the size of gold in real terms.
What’s Driving the Price Higher?
There are several major reasons currently driving up the price. The latest bull run, which began after March 21st, has pared the loses from setbacks such as the ETF rejection and the suspension of withdrawals on Chinese exchanges.
Additionally, there is news that the Securities and Exchange Commission (SEC) will be reviewing the decision, and this may be yet another reason for traders to be bullish.
Another factor is the growing support among Bitcoin companies for Segregated Witness, which is in part a scaling solution that is now reaching 90%. SegWit is a technology that will be activated on Litecoin shortly, and that has