Bitcoin Breakout: Price Spikes $500 in One Hour to Top $11.5k

After a day of largely sideways trading, the price of bitcoin is once again back in uncharted territory.

Beginning at 11:00 UTC, bitcoin saw a sudden surge, data from the CoinDesk Bitcoin Price Index (BPI) reveals, rising from $11,115 to set a new high of $11,655 by the end of the hour. The nearly 5 percent gain saw bitcoin erase its previous all-time high of roughly $11,300.

All-in-all bitcoin is up nearly 7 percent on the day, rising more than $700 from an average opening of $10,895 across global exchanges.

With the push, the total value of all cryptographic assets once again neared $350 billion, according to data provider Coinmarketcap. And while the market is yet to cross the total, a quick look at the charts reveals gains across available assets…

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