Bitcoin Price Passes $448 to Hit Two-Month High

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The price of bitcoin passed $448 for the first time in two months today on the CoinDesk USD Bitcoin Price Index (BPI) to reach a press-time total of $448.50.

The total was the highest observed on the CoinDesk USD BPI since 21st February, when the price of bitcoin hit a high of $448.29.

This notable climb helped bitcoin break the pattern of the last several weeks, when it fluctuated primarily within a tight range.

These developments provided a sharp contrast with the month through 12:00 UTC on 21st April, when the digital currency fluctuated largely between $410 and $430, according to BPI figures.

Bitcoin stayed within this range as market observers sat back and watched the digital currency’s community to see whether it would make any progress on the fundamental issues facing bitcoin.

While some have been disappointed with the bitcoin community’s apparent lack of progress toward a technical fix that would adjust its capacity, developers took a small step forward by releasing the code for the Segregated Witness (SegWit) proposal on 20th April.

The update to the bitcoin protocol would allow blocks to contain more data by removing the part of the transaction that holds the digital signature. However, the community had not yet implemented the update at the time of report.

Charles L. Bovaird II is a financial writer and consultant with strong knowledge of securities markets and investing concepts.

Follow Charles Bovaird on Twitter here.

Forex data image via Shutterstock

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