Bitcoin Surges 18% Plus in 24h to $446, Market Cap $6.6B, Volume 416M
The price of Bitcoin was very volatile Tuesday, and is currently up more than 18% in the past 24 hours.
The leading cryptocurrency had solid October, closing the month 38% up. Until October, Bitcoin remained relatively stable over the year after recovering to around $230 mark from a low in January 2015 below $200.
Over the past 24 hours, Bitcoin’s volatility returned, with a sharp rise to $421, a fall to $390 and then a swing up again to over $446.
The boost in transaction volume to over 415 million reveals that growing investor interest is contributing to Bitcoin’s volatility and increase in value.
There is much speculation in the Bitcoin community regarding the price surge but little certainty in analyses. Brendan O’Connor, the CEO of of Genesis Global Trading, told CNBC he was not sure why the price had jumped.
With the major increases in trading volume on Chinese exchanges of 2 or 3 times in recent weeks, it is evident that many Chinese investors, especially of the institutional variety, are moving into the digital currency. A weakening economy in China, the government’s devaluation of its currency and its strict currency controls are also considered a major impetus to capital flight into Bitcoin. In the past 24 hours, Chinese Yuan – Bitcoin transactions are nearly 80% of the global marketplace.