Bitcoin Surges Above $1480 to Hit a New All Time High

Bitcoin is on the wires today with the most popular cryptocurrency setting a new all-time high at $1481.73 (as quoted on BitStamp). The surge follows up on a massive spike higher in the second most-popular cryptocurrency, Ethereum. The combined market cap of the two is now above $30 billion.

Bitcoin surpassed its previous high in the run-up to the prospect for an approval of an ETF based on its value. The US Securities and Exchange Commission (SEC) did however turn down the application of the Winklevoss twins in March, causing the price of the cryptocurrency to decline from about $1350 to less than $900 before the current rally started.

Throughout April, Bitcoin and a variety of other Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term including Ethereum and DASH have been surging higher. Last week the second largest cryptocurrency by market cap, Ethereum rallied over 50 percent to hit a market cap of about $7 billion.

Trading volumes over the past 30 days reached almost $9.5 billion for Bitcoin and over $3.2 billion for Ethereum.

Bitcoin’s ascend has been driven by interest from Japanese investors, as the trading volume via Japanese yen represented over 50 percent of the total volume. Japan has recently started accepting Bitcoin as a legal form of payment, causing increased interest locally.

Japanese traders are notoriously keen in diversifying their currencies portfolio as the value of the Japanese yen is materially affected by the Bank of Japan’s money printing machine. In foreign exchange markets, traders from Japan are the most active ones, especially in periods of increased Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term in the loan currency.