Bitcoin Price Rockets Past $462; $500 Next?

After opening at US$400 per coin 12 hours ago, the price of bitcoin has peaked US$462, recording a 13.44% increase in a single day.

Chinese bitcoin exchanges and major international bitcoin exchanges including Huobi and OKCoin are unable to provide answers to the recent surge in bitcoin price and market cap. However, based on the rising trend of the digital currency and its rapidly increasing market cap, financial experts expect the bitcoin price to head towards US$500 in the upcoming minutes.

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Amid the 13.44% surge, the bitcoin market cap has surpassed US$6.61 billion, recording a 24hr volume of 341,016 BTC, US$139.85.

Furthermore, according to Tradeblock, someone chained a series of transactions together to send around US$2 million bitcoins in single block, pushing approximately 20,877 unconfirmed bitcoins affecting the BTC volume metric.

The rising trend of bitcoin has also begun to boost the mining industry in both China and the U.S. “The current spike in BTC price has already boosted the mining industry in China. For instance, the price of miners has experienced a 30% growth recently,” major Chinese exchange Huobi said in an interview.

Currently, 5 out of 10 top selling “servers” on amazon are ASIC bitcoin miners, the 21 bitcoin computer and several other bitcoin mining equipment, demonstrating the increasing interest in bitcoin mining operations.

As the average price of bitcoin records a 70% increase this month, the digital currency is proving to be the world’s best performing currency this year, rising above the New Zealand Dollar, which recorded a 17% increase in value since the beginning of the year.

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